Business

Cyprus eases restrictions on money transfers

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.

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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.

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Cypriot officials said the limits will be lifted gradually over the next weeks.

Associated Press

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