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Cyprus announces further easing of bank restrictions
24.02.2014
Area(s) of Practice: Banking and Secured Financing

Further easing of the restrictions on bank transactions were announced on Friday, 21 February 2014.
According to the decree by the Minister of Finance, the further easing of the restrictions includes:

(a) Abolition of the restrictive measures relating to fixed term deposits.

(b) An increase in the current limit with respect to the transfer of money within the Republic of Cyprus, regardless of the purpose, per natural person, per month, from EUR 15.000 to EUR 20.000, and per legal person, regardless of the purpose, per month from EUR 75.000 to EUR 100.000.

The decree on International Banks remains unchanged. The period of validity of the two decrees is 35 days.

According to the Ministry of Finance, and based on the Roadmap for the progressive relaxation of the restrictive measures, which was published in August 2013, all milestones of the second stage have been met.


 

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