articles | 03 August 2014

23rd decree on restrictive measures for foreign banks adopted without changes

The Ministry of Finance has issued the twenty-third decree imposing restrictive measures on transactions of foreign banks in case of emergency.

No changes were made compared to the previous decree.

During the 5th assessment of Cyprus memorandum, international lenders and Cypriot authorities had drawn up a revised road map for gradual relaxation and complete lifting of all restrictive measures, impose after the Eurogroup decision for a Cyprus bailout programme.

The roadmap does not include timetables but various milestones of which the most important is the successful completion of the stress - test of the European Central Bank by the Cypriot banks.

Credit institutions exempted from the restrictive measures are as follows.

Arab Jordan Investment Bank SA
Bank of Beirut SAL
BankMed SAL
Banque SBA
Barclays Bank PLC
Byblos Bank SAL
Credit Libanais SAL
Jordan Ahli Bank plc
Lebanon and Gulf Bank SAL
OJSC Promsvyazbank
Open joint-stock company AvtoVAZbank
Privatbank Commercial Bank
Russian Commercial Bank (Cyprus) Ltd.

Source: Famagusta Gazette

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