The Republic of Cyprus has issued new decrees pertaining to the
relaxation of restrictive measures which are in force until 30
March. Legal updates regarding these decrees, from Harneys'
Cyprus Banking Group, are below.
Relaxation of Restrictive Measures for Branches and
Subsidiaries of Foreign Banks (Decree No 18)
The Republic of Cyprus through its Minister of Finance has
published its eighteenth decree of the Enforcement of Temporary
Restrictive Measures on Transactions of Foreign Banks in case of
Emergency Law of 2013 as per articles 4 and 5 of the Enforcement of
Temporary Restrictive Measures on Transactions in case of Emergency
Law of 2013 (the "Law") on Monday, 24
February 2014 (the "Decree"). The Decree
allows for foreign credit institutions and their customers to enjoy
relaxed restrictions subject to certain conditions. Eligible credit
institutions are entered into a catalogue and published in the
Official Gazette of the Republic. The Decree is in force
