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Special> Debt Crisis in Europe> Latest News
UPDATED: April 12, 2013
Cyprus Further Relaxes Capital Controls

Cyprus partly eased restrictions on bank operations on Thursday by allowing free transactions of up to 300,000 euros domestically and raising the ceiling for company payment abroad.

A new decree issued by the Ministry of Finance raises the threshold for company payments abroad to 20,000 from 5,000 euros without prior approval by a Central Bank committee.

Overseas transactions of between 20,001 and 300,000 euros still need a vetting by an ad hoc committee.

Travellers will also be permitted to carry 2,000 euros on each trip abroad, up from a previous ceiling of 1,000 euros.

The restrictions were imposed on March 28 after the Eurogroup imposed an unprecedented haircut on deposits over 100,000 euros in the biggest bank -- Bank of Cyprus and the merger of Bank of Cyprus and Popular Bank, the second biggest bank, in return for a 10-billion-euro bailout for Cyprus.

A sixth decree in a row by the Ministry of Finance leaves in place a threshold of 300 euros in cash withdrawals per day.

The decree introduces a new restriction in opening an account in a bank which is different from the one in which a client already has. Opening such a new account is allowed only for depositing money from abroad or after a prior approval by the ad hoc committee.

(Xinhua News Agency April 11, 2013)

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