Cyprus raises limit on cash transfers abroad by individuals to 1 million euros

Associated Press

Cyprus has raised the limit on individuals' money transfers abroad from 50,000 euros to 1 million euros ($1.1 million) in another, significant loosening of the bailed-out country's few remaining capital controls still in place.

The finance ministry said Friday the new limit applies to transfers by any one person from any bank.

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Cyprus had enacted the limits — such as a 300 euro daily withdrawal cap — in March 2013 to prevent a bank run after an international bailout forced depositors to give up part of their savings in the country's two largest banks to support the financial sector.

Last week, Central Bank Governor Chrystalla Georghadji said the "two or three" remaining capital controls will be lifted by the end of the "first quarter of this year."