Banking - Cyprus: Restrictions on transfers of deposits or funds partially eased

Introduction -

On January 17 2014 the Ministry of Finance published the 25th Decree, as required by Articles 4 and 5 of the Enforcement of Restrictive Measures on Transactions in Case of Emergency Law 2013. The decree further clarifies the restrictions that are in place on the use of credit and debit cards and other payment instruments, including the amounts that can be withdrawn and/or transferred from such instruments.

The decree also contains a number of prohibitory measures relating to the termination of fixed term deposits. The decree will be in force until February 10 2014 and contains the following restrictive measures (and exceptions thereto).

Cash withdrawals -

The maximum amount of cash withdrawn should not exceed the daily allowance of €300 for each natural person or €500 for each legal person in each credit institution, or an equivalent amount in foreign currency. All cash withdrawals are calculated per person, consolidating all accounts held in each credit institution.

Originally published in ILO - February 7, 2-14.

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