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Cyprus scraps all restrictions on foreign bank transactions

Xinhua, January 10, 2015 Adjust font size:

Cyprus scrapped on Friday all remaining restrictions on foreign bank transactions, lifting almost all controls imposed two years ago when the banking system was radically restructured in a chaotic bailout.

The Ministry of Finance issued a decree abolishing an obligation by businesses to acquire a Central Bank permit for transactions abroad exceeding 2 million euros (2.38 million U.S. dollars).

The decree also raised the amount individuals could send abroad from 10,000 euros to 20,000 euros per month and the amount travellers could take with them from 6,000 euros to 10,000 euros on each travel.

The lifting of restrictions reflects both the stabilization of the banking system and improving prospects for the economy as Cyprus enters its third year of an adjustment program drawn up in association with international lenders, the Eurogroup and the International Monetary Fund.

Central bank governor Chrystalla Georghadji said in a review of the economy in December that she expected a growth of up to 1.0 percent in 2015. Endit