Cyprus limits ATM withdrawals to 100 euros per day to prevent bank runs

NICOSIA (REUTERS) - The central bank in Cyprus imposed a 100-euros (S$162) per day withdrawal limit at cash machines for the island's two biggest banks on Sunday to avert a run on the lenders.

A spokesman for the second-largest lender, Cyprus Popular Bank , which had previously limited withdrawals to 260 euros, said the new measure began at 1100 GMT (9pm Singapore time) and would remain in place until the bank reopens, scheduled for Tuesday, or until confirmation of continued emergency funding from the European Central Bank.

A government official, who declined to be named, said the measure applied to Bank of Cyprus. The official had earlier said the measure applied to all local banks on the island. Other banks have not imposed limits.