NICOSIA, Cyprus — Cyprus’s finance ministry further loosened restrictions on access to accounts in the debt-ridden country’s two biggest lenders on Friday by allowing limited, bank-to-bank money transfers.
The ministry issued a new decree stating that individuals can transfer up to $2,588 from one bank to another each month. Business can transfer as much as $12,944 from bank to bank per month.
The new decree will remain in force for another seven days.
Other restrictions still in place — the first-ever imposed in the 17 member group of countries that use the euro — include a daily cash withdrawal limit of $389 and a cap of $1,299 in cash for people leaving the country.
Cypriot officials said the limits will be lifted gradually over the next weeks.