CYPRUS: Cap controls relaxed further

The Finance Ministry announced a further ease on capital controls, as the 35th Decree on the enforcement of restrictive measures on transactions included the increase of transfers of deposits/funds outside the Republic from €50,000 to €1mln per month, per person for each credit institution and or payment institution regardless of the purpose.

This was part of the effort by the government to prevent capital flight in March 2013 after the Eurogroup of Eurozone finance ministers and the Troika of international lenders imposed banking restrictions, a bail-in on unsecured deposits above €100,000 to rescue one bank, the closure of another, and a €10 bln bailout.
The Miniostry fo Finance said that the 35th Decree shall apply for a 21 days starting on Monday, March 16.
The ministry said no change had been introduced in the 28th Decree on international banks.