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Your email address will not be published.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

Singapore Airlines Voted World’s Best Airline at Skytrax Awards

Neil SteedmanJuly 18, 2018

Finnair Extends ATTS Contract to Represent Airline in Northern Ireland

Michael FloodJuly 17, 2018

George Best to Overlook Donegall Square from New Belfast Hotel Rooftop

Neil SteedmanJuly 17, 2018

New Air France Business Lounge at Paris-CDG

Neil SteedmanJuly 17, 2018

Join Oceania Cruises for Lunch in Belfast or Dublin

Michael FloodJuly 17, 2018

Great Value Travel Deals – 17th July 2018

Sarah SlatteryJuly 17, 2018

CAR Issues Ceased to Trade Notice Re Premier Irish Golf Tours

Neil SteedmanJuly 17, 2018

Jason Kearns Joins Qatar Airways as Sales Executive

Neil SteedmanJuly 17, 2018

Amadeus Achieves IATA Level 3 NDC Certification as an Aggregator

Neil SteedmanJuly 17, 2018

Copyright © 2016 Belgrave Group Limited, C4 Nutgrove Office Park, Nutgrove Avenue, Rathfarnham, Dublin 14, Ireland