The Republic of Cyprus continues to issue decrees pertaining to
the relaxation of restrictive measures.
Legal updates regarding the latest decrees, from Harneys'
Cyprus Banking Group, are below.
Enforcement of Restrictive Measures on Transactions in case of
Emergency Law of 2013-Decree No 15
The Republic of Cyprus through its Minister of Finance published
its fifteenth decree as per articles 4 and 5 of the Enforcement of
Restrictive Measures on Transactions in case of Emergency Law of
2013 on Friday, 7 June 2013 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that can be withdrawn and/or transferred from such instruments.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 14 days commencing on its
publication date.
