Cyprus issues eighth decree on capital restrictions

Under the new decree, transfers per persons are increased to €3,000 per month within the Republic, compared with €2,000 of the previous decree, whereas transfers of deposits/funds to accounts held in other credit institutions are increased to €50.000 per month per legal person compared with €10,000.

Furthermore, the decree allows transfers of deposits/funds to an account held in another credit institution within the Republic for an amount from €50,001 up to €300,000 for transaction that falls within the normal business activity of the customer, upon presentation of justifying documents, without been subject to the Committee’s approval.

Additionally, cashless payment and or transfer of deposits/funds for an amount over €300,000 for transactions that fall within the normal business activity of the customer are allowed following approval by the Committee, established in the Central Bank.