G-20 Says Cyprus Should Lift Limits on Problem-Free Banks

Global finance ministers urged Cyprus to allow problem-free banks to resume transactions on frozen accounts, saying strict limits on banks are hurting the country’s economy, Russian Finance Minister Anton Siluanov said.

Cyprus reached an agreement with euro-zone governments in March to impose losses on uninsured depositors at Bank of Cyprus Plc and Cyprus Popular Bank Pcl, the country’s two biggest banks, as part of negotiations for the 10 billion-euro ($13.1 billion) rescue of its financial system. The country’s banks were shut for almost two weeks to avoid capital flight before reopening March 28 with controls limiting financial transactions.