Cyprus eases money transfer rules
Published 25/04/2013 | 20:41
Cyprus has significantly eased restrictions on money transfers inside and outside the country to help businesses spur a deeply slumping economy.
The Finance Ministry said that it raised the limit on payments and money transfers abroad that require documentation - but not cumbersome Central Bank scrutiny and approval - from 20,000 to 500,000 euro (£16,800 to £421,000).
Businesses also can now freely make domestic payments or transfers up to 300,000 euro (£253,000) for goods and services.
Anything above that amount needs documentation, but not specific Central Bank approval as before.
Cyprus introduced the restrictions last month to prevent a run on its banks as part of a 23 billion euro (£19.4 billion) bailout deal with international creditors that forced large savers in the country's two biggest banks to take heavy losses.