Cyprus allows limited bank-to-bank money transfers

Posted
Saturday April 6, 2013

NICOSIA, Cyprus (AP) -- Cyprus’ finance ministry has further loosened restrictions on access to accounts in the country’s two biggest lenders by allowing limited, bank-to-bank money transfers.

The ministry issued a new decree Friday stating that individuals can transfer up to 2,000 euros ($2,588) from one bank to another each month. Business can transfer as much as 10,000 ($12,944) euros from bank to bank per month.

The new decree will remain in force for another seven days.

Cyprus imposed the limits last month to head off a potential bank run after lenders reopened following a nearly two-week closure to allow the country to finalize a 10 billion euro ($12.94 billion) bailout with its eurozone partners and the International Monetary Fund.

The bailout forces savers in the country’s two biggest banks to take hefty losses.


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