articles | 18 May 2013

Capital controls relaxed further

The twelfth decree on capital controls was released yesterday with two new relaxations.

These include the increase in amount of non-cash payment or money transfer from €10,000 to €15,000 per month per natural person ineach credit institution regardless of the purpose. And an increase from €50,000 to €75,000 per month per legal person in each credit institution regardless of the purpose.

It is now prohibited to terminate fixed term deposits prior to their maturity unless the funds are used to repay a loan and/or overdraft and/or credit card within the same credit institution.

The finance ministry also released the third decree on foreign bank exemptions which included the names of four new banks. These are BLOM Bank SAL, Lebanon and Gulf Bank SAL, OJSC Promsvyazbank, Russian Commercial Bank (Cyprus) Ltd.

Originally Bank of Beirut SAL, Banque BEMO SAL, Banque SBA, Barclays Bank PLC, BBAC SAL, Credit Libanais SAL, Jordan Ahli Bank plc, Privatbank Commercial Bank had been exempt from capital controls.

Source: Cyprus Mail

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