Cyprus banks open for business for second day; capital controls limit transactions

NICOSIA, Cyprus – Banks in Cyprus are open for normal business for the second day, but with strict restrictions on how much money their clients can access, after being shut for nearly two weeks to prevent people from draining their accounts as the country's politicians sought a way out of an acute financial crisis.

Small lines formed outside some banks just after opening time, but most were gone by mid-morning Friday.

Capital controls have been imposed on transactions, however, meaning that people can only withdraw up to 300 euros a day in cash, and are limited in how much money they can transfer from their accounts. People leaving the country can only take a maximum 1,000 euros in cash with them, and credit card payments abroad are also limited.