Belfast Telegraph

Saturday 27 December 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, Thursday, April 4, 2013. Bank employees in Cyprus will walk off the job for two hours and march toward parliament to protest against looming job and benefit cuts being taken as part of an international bailout. Thousand of employees from across the country are expected to be bussed in for Thursday's demonstration. (AP Photo/Petros Karadjias)
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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