Decrees 19 And 10 From Cyprus

The Republic of Cyprus through its Minister of Finance published its 19^th decree as per articles 4 and 5 of the Enforcement of Restrictive Measures on Transactions in case of Emergency Law of 2013 on Friday, 2 August 2013 (the "Decree "). The Decree further clarifies which restrictions are in place in relation to the use of credit and debit cards and other payment instruments including the amounts that can be withdrawn and/or transferred from such instruments. The Decree also contains a number of prohibitory measures relating to the termination of fixed term deposits which will not be analysed in this note. The Decree is in force for twenty eight days commencing on its publication date.