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Measures on the banking system in Cyprus - 10th Decree

 
25/04/2013
Tenth Decree for Temporary Restrictive Measures on Transactions
 
The Central bank of Cyprus announced on 25 April 2013, the Tenth Decree for Temporary Restrictive Measures on Transactions. The measures came into force as of the above date, which entails significant relaxations in the measures currently in place.

The main changes made are:
  • An increase in the limit for transfers of money or cashless payments to accounts in other credit institutions in the Republic to €10.000 for individuals and €50.000 for legal persons.
  • Extending cashless payments or transfers of money within the Republic for the purchase of goods and services, by presenting the relevant supporting documents (depending on the amount involved), so that the approval of the Committee is not required.
  • An increase in the limit for payments abroad for transactions falling under the normal business activities of the customer, so that payments up to €500.000 are not subject to the Committee’s approval.
  • An increase in the limit for transfers of money abroad to €5.000 per month, per person, per credit institution and for the exports of currency to €3.000 per individual per trip.
  • Full exemption of card payments from the restrictive measures.

The new Decree can be viewed with highlighted changes in the following link:

http://www.centralbank.gov.cy/media//pdf/TenthDecree_EN_25042013.pdf
 

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