Belfast Telegraph

Saturday 12 July 2014

Cyprus allows small cash transfers

Employees of Cypriot banks shout slogans as they hold banners during an anti-bailout protest held outside the parliament in Nicosia (AP)

Cyprus's finance ministry has further loosened restrictions on access to accounts in the country's two biggest lenders by allowing limited, bank-to-bank money transfers.

The ministry issued a new decree stating that individuals can transfer up to 2,000 euro (£1,700) from one bank to another each month. Businesses can transfer as much as 10,000 euro (£8,500) from bank to bank per month.

The new decree will remain in force for another seven days.

Cyprus imposed the limits last month to head off a potential bank run after lenders reopened following a nearly two-week closure to allow the country to finalise a 10 billion euro (£8.5 billion) bailout with its eurozone partners and the International Monetary Fund.

The bailout forces savers in the country's two biggest banks to take hefty losses.

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