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Archives April 3, 2013 posted by

Capital restrictions eased slightly

A FINANCE ministry decree, the third since controls were first introduced, yesterday raised the ceiling on transactions which do not require Central Bank approval to €25,000 from €5,000.
It also permits the use of cheques worth up to €9,000 per month.
Other restrictions introduced last week, including a €300 per day cash withdrawal limit and a €1,000 euro limit on the amount travellers can take overseas, remain in place.
Employer organisation OEV said the measure was in the right direction but was not enough for businesses to cover their obligations.
OEV urged the Central Bank to immediately review its decision and free the whole amount – 40 per cent – of uninsured deposits in the Bank of Cyprus.

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