Cyprus Eases Currency Controls

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Cyprus announced a partial relaxation of currency controls on Friday, raising the ceiling for financial transactions that do not require central bank approval, but keeping most other restrictions in place.

A Finance Ministry decree on Friday raised the monthly ceiling on corporate transactions to 10,000 euros and to 2,000 for individuals. Most other restrictions, introduced last week, including a monthly 25,000 euro ceiling for companies, a 300 euro per day cash withdrawal limit and a 1,000 euro limit on the amount travelers can take overseas, remain in place.

The island introduced curbs on money movements when banks reopened on March 28 after a two-week shutdown while the government negotiated a 10 billion euro bailout from the International Monetary Fund and the European Union.

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