Relaxation to the Temporary Restrictive Measures on Transactions in Cyprus

The Minister of Finance, Mr Harris Georgiades, issued last Friday the Enforcement of Temporary Restrictive Measures on Transactions in case of Emergency Twenty Eight Decree, which has a period of validity 35 days starting from the 31st of March 2014.

Via this Decree, the Minister of Finance is imposing some important relaxations as explained in detail below.

1)    The restrictions regarding cash withdrawal from ATM’s and the banks for physical person (€300) and companies (€500) per day has been revised.

2)    Cashless payment or transfer of deposits/funds to accounts held in other credit institutions within the Republic, from €20.000 has been increased to €50.000 per month per physical person in each credit institution regardless of the purpose.

3)    Cashless payment or transfer of deposits/funds to accounts held in other credit institutions within the Republic from €100.000 has now been increased to €200.000 per month per legal person in each credit institution regardless of the purpose

4)    There is no prohibition to terminate a fixed term deposits prior to its maturity.

5)    It is now possible to open a new account for any person who is not an existing customer of a credit institution on the date of entry into force of the Enforcement of Temporary Restrictive Measures on Transactions provided that the account is a new fixed term deposit created with funds from cash and the amount to be deposited exceeds €5.000 and the new fixed term deposit cannot be terminated prior to its maturity.

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