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ARTICLE · 09 JUNE 2013

Cyprus Continues To Relax Restrictive Measures

Harneys
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The latest relaxations pertaining to transactions were passed on 17 May 2013 in Decree No 12 under the Enforcement of Restrictive Measures on Transactions in case of Emergency Law of 2013.

CyprusFinance and Banking
Pavlos Aristodemou
Pavlos Aristodemou
Nancy Erotocritou
Nancy Erotocritou
Emily Yiolitis
Emily Yiolitis
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Restrictive Measures - Transactions

The latest relaxations pertaining to transactions were passed on 17 May 2013 in Decree No 12 under the Enforcement of Restrictive Measures on Transactions in case of Emergency Law of 2013. The relaxations are:

  • The limit of cashless payments or transfers of deposits/funds to accounts held in other credit institutions within Cyprus is increased from €10,000.00 to €15,000.00 per month per natural person and from €50,000.00 to €75,000.00 per month per legal person in each credit institution regardless of the purpose.
  • Further relaxations have been introduced on the termination of fixed term deposits prior to their maturity provided that the funds are used to repay a loan and/or overdraft and/or credit card within the same credit institution and subject to certain new conditions.

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