Central Bank of Cyprus announces 19th Decree

News

Following the release of the new decree, residents of the Republic are allowed to open new bank accounts, provided that the account is a fixed-term deposit exceeding €5000 and must be pledged for a three months period. Termination of this deposit prior to maturity is not allowed.

The funds from the deposit are not subject to restrictive measures when the first maturity has been reached.

Furthermore, opening of a current account for the beneficiary/beneficiaries of the fixed term deposit is prohibited unless the account relates to a new loan, provided that the account can only be used for servicing the loan and not any other transactions.

Provided further that the loan proceeds must be disbursed into a sight/current account, within the same or another credit institution, within the Republic and shall be subject to the restrictive measures applicable to sight/current accounts.

Restrictions from the previous Decree remain unaltered, including the €300 daily limit on cash withdrawals.

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