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18.03.2014 - 12: 09

Restrictions on banking operations will be removed before the end of May

Internal control over banking operations in Cyprus will be withdrawn before the end of May. This was announced on state radio broadcast Finance Minister Haris Georgiadis.

According to him, before this will be announced a few other steps to mitigate the restrictive measures imposed a year ago after the decision of the Eurogroup and the "haircut" deposits to forcibly raise funds depositors Cypriot banks to recapitalize them. This unprecedented move has sent shock waves in Cyprus and led to the closure of banks for almost two weeks, after which he was introduced capital controls to prevent the withdrawal of deposits abroad. The Government later made several decisions to weaken the control, as well as brought out from under him a few working in Cyprus of foreign banks, including all of Russia.

"At the latest by the end of May, all restrictions on domestic banking transactions will be removed," - said Georgiadis. However, he noted that the ban will continue to withdraw funds abroad.

Last time the Ministry of Finance of Cyprus took the decision to ease control 21 of February. Then decree agency whose action is designed to 35 days, was abolished a rule for mandatory automatic renewal term Cypriot bank account, as well as increased allowances banking operations regardless of their purpose without a notification documents for individuals with 15 thousand. Euros to 20 th. euros and for businesses with 75 thousand. euros to 100 thousand. euros.

However, it remains the country's ATMs in the night can be removed no more than 300 euros for individuals and for companies 500 euro. Also retained a ban on flights for passengers to freely export over 3 thousand. Euros.

A source:

Tags: Cyprus, Economy, Banks