Cyprus Pulls Back Capital Cash Controls
Cyprus has announced they have partially lifted their tight capital controls and will allow individuals in the country to withdraw larger amounts of cash, reports The West Australian. The banks in Cyprus had imposed a cap on cash withdrawals and transfers in order to avoid destroying the island’s banking system after a €10 billion bailout. With the new law, people will be able to make cashless payments within the country for up to €10,000 per month, and a maximum of €50,000 for businesses. Individuals with bank accounts living abroad are allotted €5,000 in transactions per month. Those who are planning to travel abroad can take €3,000, or the equivalent in foreign currency. However, the previous decree that only allowed €300 to be withdrawn from bank accounts per day remains the same.
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