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Cyprus News Agency: News in English, 13-04-15
CONTENTS
[01] Cyprus issues eighth decree on capital restrictions
[01] Cyprus issues eighth decree on capital restrictions
The Finance Ministry issued late Sunday the eighth decree on capital
controls, easing further capital restrictions. Under the new decree,
transfers per persons are increased to €3,000 per month within the
Republic, compared with €2,000 of the previous decree, whereas transfers
of deposits/funds to accounts held in other credit institutions are
increased to €50.000 per month per legal person compared with €10,000.
Furthermore, the decree allows transfers of deposits/funds to an account
held in another credit institution within the Republic for an amount
from €50,001 up to €300,000 for transaction that falls within the
normal business activity of the customer, upon presentation of justifying
documents, without been subject to the Committee's approval.
Additionally, cashless payment and or transfer of deposits/funds for
an amount over €300,000 for transactions that fall within the normal
business activity of the customer are allowed following approval by the
Committee, established in the Central Bank.
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