Belfast Telegraph

Tuesday 29 July 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)
A banner displayed, during an anti-bailout protest outside Cyprus' parliament building (AP Photo)
A riot police stands in front of a protestor with a banner display the image of the head of Cyprus central bank Panicos Dimitriades (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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