InsiderBusinessReports: Co-op introduces €3000 limit for cash withdrawals

Reports: Co-op introduces €3000 limit for cash withdrawals

The co-op has imposed a €3000 limit on cash withdrawals for the immediate future, Philenews reported on Monday.

But clients wishing to withdraw more than that amount can issue a cheque or transfer the money to any bank account of their choosing.

The website quotes sources as saying that the Cyprus Co-op Bank took this decision to ensure adequate cash at its tills and ATMs.

It has been clarified that the co-op has adequate liquidity and the measure aims to maintain adequate cash.

The government and Central Bank have reassured that deposits of up to €100,000 are full protected. But amid continuing uncertainty, clients have rushed to the bank branches, withdrawing a reported €70m on Friday alone.

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