Cyprus allows small cash transfers
Published 05/04/2013 | 20:41
Cyprus's finance ministry has further loosened restrictions on access to accounts in the country's two biggest lenders by allowing limited, bank-to-bank money transfers.
The ministry issued a new decree stating that individuals can transfer up to 2,000 euro (£1,700) from one bank to another each month. Businesses can transfer as much as 10,000 euro (£8,500) from bank to bank per month.
The new decree will remain in force for another seven days.
Cyprus imposed the limits last month to head off a potential bank run after lenders reopened following a nearly two-week closure to allow the country to finalise a 10 billion euro (£8.5 billion) bailout with its eurozone partners and the International Monetary Fund.
The bailout forces savers in the country's two biggest banks to take hefty losses.
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