The Minister of Finance, following a recommendation from the Governor of the Central Bank, issued a Decree tonight which eases restrictive measures which had been imposed on transactions.
This Decree shall apply for a sixteen day period starting from the day of its publication in the Official Gazette of the Republic.
The maximum amount of cash withdrawal shall not exceed €300 daily, per natural person or €500 daily per legal person, in each credit institution or the equivalent of these amounts in foreign currency.
The cashing of cheques is prohibited.
According to the Decree the following are permitted:
(i) cashless payment or transfer of deposits/funds to accounts held in other credit institutions within the Republic up to €10.000 per month per natural person in each credit institution regardless of the purpose ∙
(ii) cashless payment or transfer of deposits/funds to accounts held in other credit institutions within the Republic up to €50.000 per month per legal person in each credit institution regardless of the purpose ∙
(iii) cashless payment or transfer of deposits/funds to accounts held in other credit institutions within the Republic for the purchase of goods and or services up to €300.000, per transaction,:
(iv) cashless payment or transfer of deposits/funds to an account held in another credit institution within the Republic for the purchase of goods and or services for an amount over €300.000 per transaction , upon presentation of justifying documents
Payment and or transfer of deposits/funds of up to €500.000 per transaction is not subject to the Committee’s approval, provided that each credit institution shall ensure that the justifying documents presented in each case, justify the execution of the payment and or of the transfer of deposits/funds.
Payment and or transfer of deposits/funds from €500.001 to €1.000.000 per transaction, is subject to the approval of the Committee.
Payment and or transfer of deposits/funds above €1.000.000 per transaction, is subject to the Commission’s approval. The credit institution shall submit to the Committee a request for each such payment and or transfer of deposits/funds as well as the necessary justifying documents
Living expenses up to €5.000 per quarter as well as tuition fees, of a person who is studying abroad and is a first degree relative of a Cyprus resident, on the basis of supporting documents:
Transfers of deposits/funds outside the Republic up to €5.000 per month, per person for each credit institution and or payment institution regardless of the purpose.
Exports of euro notes and/or foreign currency notes are prohibited in excess of €3.000, or the equivalent in foreign currency, per natural person per journey abroad.
