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Cyprus Finance Ministry softened control over banking

Cyprus Finance Ministry softened control over banking

02.09.2015
Tags: Cyprus, Economy, Banks

According to the decision of the Ministry of Finance decree, removed all restrictions on term deposits.

Besides increased allowances banking operations without a notification documents for individuals with 15 thousand euros to 20 thousand euros for businesses with up to thousands of euros 75 100 thousand euros.

Weakening control measures did not affect restrictions on withdrawals from ATMs in the country (no more 300 euros per day for the citizens and not more than 500 - for companies and organizations), and the free export of the country over 3 thousand euros. Still not allowed to cash checks. Preserved tight control over foreign operations.

Tight control of capital movements was introduced in Cyprus in late March 2013 years after the decision of the Eurogroup "haircut" deposits with leading banks in the country in exchange for providing the anti-crisis government aid amounting 10 billion euros. Measures to limit banking operations were needed to prevent the output media owners from their accounts abroad. Such measures, which have been applied for the first time in the history of the EU, caused a huge blow to business activity in the country and led to a sharp decline in the economy and higher unemployment.

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