BUSINESS
03/21/2013 03:30 pm ET

Cyprus Government Proposal Gives Officials Power To Impose Capital Requirements On Banks

NICOSIA, March 21 (Reuters) - The Cypriot government submitted a bill to parliament on Thursday giving the finance minister or central bank governor the right to impose capital controls on banks.

"The purpose of this law is, in case of an emergency for purposes of public order or security, to assign powers to the (Finance) Minister, or the (Central Bank) governor to take and impose temporary restrictive measures, including restrictions on capital controls," said the bill, a copy of which was seen by Reuters.

Parliament was due to sit on Thursday evening.

ALSO ON HUFFPOST:

PHOTO GALLERIES
Cyprus Bailout

CONVERSATIONS