News

Cash May Be King in Cyprus

Cash May Be King in Cyprus

Travel agents with clients travelling to Cyprus over the next few days should consider advising them to take cash as well as credit and debit cards, due to current uncertainty over electronic cash withdrawals.

Cyprus Tourism Logo

Cyprus will be voting later today (Tuesday 19th March) whether to accept the rescue deal for its banking sector offered by the EU and IMF, which includes a ‘once off’ €10 billion levy on savings. This would currently be 6.75% for bank savings under €100,000 and 9.9% for savings over €100,000 – but the Cyprus Government (which postponed the vote scheduled for Monday) is negotiating to reduce the rate for low savers and increase the rate for high savers.

The levy would not take effect until tomorrow (Wednesday 20th March) but action was taken over the weekend to control electronic money transfers. If the deal is defeated in today’s vote, the banks could be closed tomorrow in order to avoid mass withdrawals.

Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

NEIL STEEDMAN has been a trade journalist, copywriter, editor and proofreader for 52 years, and News & Features Editor for ‘Irish Travel Trade News’ for the past 42 years.

More in News

Norwegian Air International Drops More Flights from Ireland

Michael FloodSeptember 15, 2019

No Change for UK Passport Holders at Dublin Airport Immigration If UK Leaves EU Without a Deal

Neil SteedmanSeptember 13, 2019

Etihad Refreshes Website with Faster Loading Pages

Neil SteedmanSeptember 13, 2019

Win Two Tickets to Lisbon with TAP Air Portugal

Michael FloodSeptember 12, 2019

ITTN’s Great Value Travel Deals – 12th September 2019

Neil SteedmanSeptember 12, 2019

Cathay Pacific to Suspend Flights from Dublin from November

Michael FloodSeptember 12, 2019

Win Tickets for Two from Dublin to Any KLM Destination

Neil SteedmanSeptember 12, 2019

Leading Travel Industry Speakers Lined-Up for WTM London

Neil SteedmanSeptember 12, 2019

Visit Savannah Strengthens Links with Wexford

Michael FloodSeptember 12, 2019

Copyright © 2019 Belgrave Group Limited, C4 Nutgrove Office Park, Nutgrove Avenue, Rathfarnham, Dublin 14, Ireland