CYPRUS: Update on Temporary Restrictive Measures on Transactions

The Central Bank of Cyprus (CBC) announced on 2nd April 2013 an update to the temporary restrictive measures on transactions.

As mentioned before the credit institutions reopened, the CBC will closely monitor developments and make appropriate adjustments to ensure the stability of the financial sector.

In this context:

Payments through cheques to accounts held in other credit institutions are allowed for up to €9.000 per month per natural person in each credit institution. The amount for payments to other credit institutions for transactions that fall within the normal business activity of the customer that are not subject to any restrictive measures has increased from €5.000 to €25.000 per day per account. There is no restriction for the payment of tuition fees of a person studying in educational institutions in Cyprus.Fixed term deposits can be terminated in order to create one or more fixed term deposits for the total amount which is equal to the initial deposit and for a term at least equal to the initial term of the terminated deposit.

The full text of the updated version (changes are highlighted) can be found here.