Cyprus Issues 8th Decree on Capital Restrictions

The Finance Ministry issued late Sunday the eighth decree on capital controls, easing further capital restrictions. Under the new decree, transfers per persons are increased to 3,000 per month within the Republic, compared with 2,000 of the previous decree, whereas transfers of deposits/funds to accounts held in other credit institutions are increased to 50.000 per month per legal person compared with 10,000.

Furthermore, the decree allows transfers of deposits/funds to an account held in another credit institution within the Republic for an amount from ‚50,001 up to ‚300,000 for transaction that falls within the normal business activity of the customer, upon presentation of justifying documents, without been subject to the Committee's approval.

Additionally, cashless payment and or transfer of deposits/funds for an amount over 300,000 for transactions that fall within the normal business activity of the customer are allowed following approval by the Committee, established in the Central Bank. (CNA)