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.
To ensure Eurasia Review continues to operate, please click on the donate button below. We thank you in advance.