The limit of cashless payments or transfers of deposits/funds to accounts held in other credit institutions within Cyprus is increased from €10,000.00 to €15,000.00 per month per natural person and from €50,000.00 to €75,000.00 per month per legal person in each credit institution regardless of the purpose.
Further relaxations have been introduced on the termination of fixed term deposits prior to their maturity provided that the funds are used to repay a loan and/or overdraft and/or credit card within the same credit institution and subject to certain new conditions.
Restrictive Measures - Foreign Banks Decree No 3 under the Relaxation of Restrictive Measures for Branches and Subsidiaries of Foreign Banks added eight new institutions to the catalogue of foreign credit institutions which are exempt from the capital controls in connection with transactions of their international business clients. The entire catalogue is listed below. Those banks added under Decree No 3 are marked in bold and with an asterisk.
* Bank of Beirut SAL; * Banque BEMO SAL; * Banque SBA; * Barclays Bank PLC; * BBAC SAL; BLOM Bank SAL; * Credit Libanais SAL; * Jordan Ahli Bank plc; Lebanon and Gulf Bank SAL; OJSC Promsvyazbank; * Privatbank Commercial Bank;