Sign in to comment!

Menu
Home

Markets

Cyprus raises amount depositors can transfer with new decree

  • 2013-04-14T190003Z_2_CBRE93D0PCB00_3_EUROZONE-CYPRUS-FATE.JPG

     (Copyright Reuters 2013)

  • 2013-04-14T192900Z_3_CBRE93D0PCB00_3_EUROZONE-CYPRUS-FATE.JPG

     (Copyright Reuters 2013)

Cyprus on Sunday partly eased capital controls in place since March 28 to avert a bank run, the Finance Ministry said in its latest decree.

Cyprus raised the amount of money individuals can transfer between banks domestically to 3,000 euros ($3,900) from 2,000 euros a month. Companies may now transfer 50,000 euros from 10,000 euros. Other restrictions, such a 300 euro per day cash withdrawal limit, remained in place.

The ministry clarified that bank transactions of up to 300,000 euros domestically, which it allowed in a decree published on Friday, were not allowed from one bank to another to an account belonging to the same individual.

(Reporting by Karolina Tagaris; Editing by Alison Williams)