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Cyprus Trading May Resume Tuesday, Exchange Chief Says




Cyprus’s stock exchange may resume limited trading on April 2 after closing for more than two weeks as the country faced a banking crisis and ejection from the euro, Chief Executive Officer Nondas Metaxas said. “

We have formed at the exchange so-called crisis committees and they are meeting continuously,” Metaxas said in an interview in Nicosia today. “There are three or four committees meeting now, making different scenarios which we will be studying Tuesday morning, when we might get more information to see which stocks will be traded. We may resume trading on a number of stocks but this is not something which we can say with 100 percent certainty.” Metaxas said the bourse had initially planned to allow transactions yesterday, when the country’s banks opened for the first time in almost two weeks. The bourse decided to remain shut due to uncertainty surrounding new capital controls , which include a 300-euro ($385) daily limit on bank withdrawals and restrictions on transfers to accounts outside the country. After more than a week of wrangling between officials in Nicosia and Brussels, Cyprus reached a 10 billion-euro bailout agreement in the early hours of March 25. As part of the deal, President Nicos Anastasiades agreed to shutter Cyprus Popular Bank Pcl, largely wiping out deposits above the insured limit of 100,000 euros. Depositors in Bank of Cyprus Pcl stand to lose as much as 40 percent of their uninsured savings. The country’s parliament rejected an earlier deal that imposed losses on all depositors. […]


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