Further relaxation of restrictive measures on banking transactions

News

The Central Bank of Cyprus has issued the Thirty Third Decree of 2015 with further relaxation on banking transactions.  The updated relaxations are as follows:

1. Payments and/or transfers of deposits/funds abroad do not require Central Bank approval (approval was required by the Central Bank for sums in excess of €2.000.000) given that the relevant justification documents are duly submitted to the credit institutions

2. The limit on the transfer of deposits/funds abroad without any justification requirements has been raised to €20.000 (previously €10.000)

3. The limit on the export of Euro notes and/or foreign currency notes abroad per physical person per trip has been raised to €10.000 (previously €6.000)

The decrees concerning foreign banks remain unchanged.

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