CBC issues fourteenth Decree

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Termination of fixed-term deposits before deposit maturity, for the purpose of repayment of a loan or a credit card within a certain institution is permitted.

Payments and/or transfers up to € 500.000 per transaction can be made without the Committee’s approval, whereas payments and/or transfers from € 500.001 to € 1.000.000 per transaction, are subject to the approval of the Committee.

Non-cash payments or money transfers up to € 15.000 per month for physical entities in each credit institution are permitted, regardless of the purpose; and up to € 75.000 per month per legal entities in each credit institution regardless of the purpose.

Furthermore, it is now allowed to transfer money abroad for the payment of living expenses and tuition fees up to € 5.000 per quarter for first degree relatives (of Cypriot citizens) studying abroad.

The ceiling for exporting Euro bank notes has been raised to € 3.000 (or the equivalent in another currency).

ATM withdrawals remain limited to € 300 per day.

New banks added in the list of exempted foreign credit institutions

The list of foreign banks exempted from restrictions has risen to 14. The list currently includes:

- Arab Jordan Investment Bank SA
- Bank of Beirut SAL
- Banque BEMO SAL
- Banque SBA
- Barclays Bank PLC
- BBAC SAL
- BLOM Bank SAL
- Byblos Bank SAL
- Credit Libanais SAL
- Jordan Ahli Bank plc
- Lebanon and Gulf Bank SAL
- OJSC Promsvyazbank
- Privatbank Commercial Bank
- Russian Commercial Bank (Cyprus) Ltd

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