The Republic of Cyprus continues to issue new decrees pertaining
to the relaxation of restrictive measures.
Updates regarding these decrees, from Harneys' Cyprus
Banking Group, are below.
Enforcement of Restrictive Measures on Transactions in
case of Emergency Law of 2013-Decree No. 13
The Republic of Cyprus through its Minister of Finance has
published its 13th decree as per articles 4 and 5
of the Enforcement of Restrictive Measures on Transactions in case
of Emergency Law of 2013 on Friday, 24 May 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that can be withdrawn and/or transferred from such instruments.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 seven days commencing on
its publication date.
