Cypriot depositor levy will hit in the next few days

Cyprus' central bank chief Panicos Demetriades has announced that uninsured depositors will be hit with a levy of 37.5 per cent in the next few weeks. The extent of the losses incurred by depositors will be revealed in September.

Demetriades also stated that capital controls on some banks can be lifted, following a statement from the central bank extending capital controls for a further week. But capital has continued to leave the island despite the restrictions.