Business | Daily | Tourist
INFORMATION SERVICES

NICOSIA — Cyprus has further eased limits on money transfers out of the country by doubling the amount businesses can transfer abroad for any transaction without prior Central Bank approval to 2 million euros ($2.47 million).

A Cypriot Finance Ministry decree Friday also doubles personal, domestic bank money transfers abroad to 10,000 euros ($12,300) per month. The amount of cash that individuals can carry on them while exiting the country also doubles to 6,000 euros.

The central bank has already lifted all restrictions on money movements within the country. The limits were imposed to head off a run after a 10 million-euro rescue deal Cyprus agreed with international creditors in March last year authorized bank deposit seizures to prop up the country’s ailing financial sector.

The Finance Ministry said that good progress in meeting the rescue program’s fiscal targets, as well as in reforming the banking sector, allowed authorities to act. It said a further loosening of restrictions will be done gradually.

Cyprus has consistently beaten dour projections regarding its post-bailout economic performance, posting a smaller public debt and a shallower recession than expected.

Officials have said they expect the economy to grow 0.4 percent next year, which would bring an end to a three-year recession.

The post Cyprus Eases Restrictions on Money Transfers Abroad appeared first on The National Herald.

Source: The National Herald
Share it now!
More
Who We Are

GQS acts as an “information representative” providing a variety of accurate and authoritative analytics and responses About Greece. Our field of expertise ranges from simple Daily Life questions related to Tourism or the History of Greece, up to large Business related projects such as Economic Research, Human Resources Selection or Real Estate Services.

Find out more

Contact Us

Are you interested in obtaining any kind of information about Greece?

Let us help you!

If your requirements go beyond simple services and you want specialized information, you will receive a detailed email for any charges.

  • Weather

    Locations:
    Athens
    November 23, 2017, 7:33 am
    Partly cloudy
    Partly cloudy
    8°C
    real feel: 10°C
    current pressure: 1020 mb
    humidity: 81%
    wind speed: 0 m/s N
    wind gusts: 0 m/s
    UV-Index: 0
    sunrise: 7:14 am
    sunset: 5:09 pm
     
  • Currency