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Heavy restrictions on capital movements enter into force

06 May 2013

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Approved Changes

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Cyprus; European Union

On 27 March 2013, the Cypriot Ministry of Finance adopted a decree relating to the capital export ban and the restrictions on the withdrawal of cash (the Decree). The Decree enters into force immediately for 4 days. Details of the decree are described as follows: -   The daily limit on withdrawals is fixed to EUR 300 per person or its equivalent in any foreign currency. This limit is calculated per person, on an aggregate basis (i.e. all accounts per credit institution). The above limit is EUR 1,000 for any money transfer per person and per trip abroad. -  ...