ARTICLE
3 April 2013

Cyprus bailout: list of exchange and capital controls

Reported interim controls have been put in place for the reopening of the banks in Cyprus on Thursday 28 March 2013.
Australia Finance and Banking
Reported controls12 in place for the reopening of the banks in Cyprus on Thursday 28 March 2013 include:
  • withdrawals of cash to be limited to €300 per day
  • cashing of cheques to be prohibited
  • overseas payments and/or transfers by debit and/or credit cards to be limited to €5,000 per month13 (transfers above this amount will need Central bank permission)
  • euro amounts permitted to be taken out of the country limited to €1000
  • businesses permitted to carry out transactions up to €5,000 euros on a daily basis
  • transactions between €5,000 and €200,000 euros to be reviewed by a specially established committee
  • transactions over €200,000 euros will need to be approved on an individual basis by the specially established committee
  • savers with fixed-term deposit accounts will not be permitted to withdraw cash before maturity

An English translation of the legislation in place, together with a list of exemptions, can be found on the Central Bank of Cyprus website: The Enforcement of Restrictive Measures on Transactions in case of Emergency Law of 2013.

A statement from the Ministry of Finance in Cyprus states that the measures will be reviewed by the Central bank of Cyprus and the Cypriot government on a daily basis.

Footnotes

12 Sources: BBC news, the Financial Times, the Daily Telegraph, the Central Bank of Cyprus website

13 Payments to be unrestricted in Cyprus

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More