articles | 09 January 2015

Authorities relax capital restrictions citing progress in banking stabilisation

Authorities further relaxed restrictions on capital movement citing “important progress” in stabilising the banking system and restoring investor and depositor confidence in the banking system, the Finance Ministry has said.

The relaxations include the abolishment of a €2 million limit for overseas professional transactions requiring the approval of the Central Bank of Cyprus’s special committee, the Finance Ministry said in an emailed statement today.

In addition, depositors may transfer up to €20,000 abroad every month from any bank for whatever purpose, instead of €10,000, the statement said. In addition, individual travellers may carry up to €10,000 for every trip abroad in cash in any currency instead of €6,000.

Source: Cyprus Mail

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