The Republic of Cyprus issued new decrees pertaining to the
relaxation of restrictive measures on 25 October 2013. Legal
updates regarding these decrees, from Harneys' Cyprus Banking
Group, are below.
Cyprus Update: Enforcement of Restrictive Measures on
Transactions in case of Emergency Law of 2013-Decree No. 22
The Republic of Cyprus through its Minister of Finance has
published its 22nd decree as per articles 4 and 5 of the
Enforcement of Restrictive Measures on Transactions in case of
Emergency Law of 2013 on Friday, 25 October 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that can be withdrawn and/or transferred from such instruments.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 until 24 November
