Currency controls relaxed

The ministry of finance has announced the following easing of capital controls currently in place due to the achievments in the overall stabilization and restoration of confidence in the Cyprus banking system.
(a) abolition of the daily maximum amount of cash withdrawal of €300 per natural person and €500 per legal person;

(b) increase of the current limit with respect to the transfer of money within the Republic , regardless of the purpose, per natural person, per month, from € 20.000 to € 50.000 and per legal person, regardless of the purpose,  per month from € 100.000 to              € 200.000;

(c) abolition of the prohibition to terminate a fixed term deposit prior to its maturity date and  all related exemptions;

(d) The opening of a new account for any person who is not an existing customer of a credit institution is allowed provided that the account is a new fixed term deposit created with funds from cash provided that the amount deposited exceeds €5.000 and the new fixed term deposit cannot be terminated prior to its maturity.

It is expected that all restrcictions will be lifted by the end of the year.

 

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