Cyprus Eases Money Transfers Abroad

Depositors whose money was seized by the Bank of Cyprus protested in vain

NICOSIA — Cyprus has further eased remaining limits on taking money out of the country from domestic banks 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 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 ($7,386).

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.