Cyprus to bring in weekly cash curbs

The country's draft capital controls include export limits on euros and a ban on cashing cheques, says Newsnight economics editor Paul Mason.

In addition, fixed-term deposits will have to be held until maturity.

Cyprus's finance minister earlier confirmed that depositors with more than 100,000 euros could see 40% of their funds converted into bank shares.

According to BBC, Michalis Sarris also said that Cypriot depositors with less than 100,000 euros in their accounts "will not be hit".

"The exact percentage is not... yet decided but it is going to be significant," he told the BBC.

Bank of Cyprus chairman Andreas Artemis later handed in his resignation.

Media reports said his letter would be examined by the bank's board of directors when they convened in the afternoon.

His resignation suggests the country's financial establishment is still reeling, says the BBC's Europe correspondent Chris Morris, reporting from Nicosia.

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