Belfast Telegraph

Thursday 24 April 2014

Cyprus eases money transfer rules

Protesters shout slogans behind riots police, during an anti-bailout protest outside of the Cyprus' parliament, in capital Nicosia (AP Photo)

Cyprus has significantly eased restrictions on money transfers inside and outside the country to help businesses spur a deeply slumping economy.

The Finance Ministry said that it raised the limit on payments and money transfers abroad that require documentation - but not cumbersome Central Bank scrutiny and approval - from 20,000 to 500,000 euro (£16,800 to £421,000).

Businesses also can now freely make domestic payments or transfers up to 300,000 euro (£253,000) for goods and services.

Anything above that amount needs documentation, but not specific Central Bank approval as before.

Cyprus introduced the restrictions last month to prevent a run on its banks as part of a 23 billion euro (£19.4 billion) bailout deal with international creditors that forced large savers in the country's two biggest banks to take heavy losses.

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