CYPRUS: New decree relaxes banking restrictions further

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The Finance Minister issued a new decree on Friday relaxing restrictive measures on banking transactions.
The 34th decree issued ever since Cyprus imposed capital controls as part of the €10 bln bailout plan in March 2013, raises the limit for transfers of deposits and funds outside Cyprus increases from €20,000 to €50,000 per month, per person for each credit institution, regardless of the purpose.
The Minister also issued the 27th decree for transactions of foreign banks which remains unchanged from the previous decree.
The two decrees will apply for a 28-day period starting on Monday, February 16.