Cyprus lifts limits on foreign banks' clients

Cyprus lifts restrictions on domestic clients of foreign banks

Associated Press

NICOSIA, Cyprus (AP) -- Cypriot authorities have lifted money withdrawal and transfer restrictions on clients of 16 foreign banks, who live on the island nation.

The Finance Ministry says that this applies to residents of Cyprus who had accounts at those banks before restrictions on foreign lenders doing business in the country were imposed on April 25.

Before Friday's decree, only clients who didn't permanently live on Cyprus enjoyed restriction-free services from those banks.

Cyprus imposed the restrictions — including a 300 euro per day withdrawal limit — on all lenders in March to prevent a bank run after it agreed a 23 billion euro ($30 billion) rescue package with its euro area partners and the IMF.

Some restrictions have since been lifted.

Rates

View Comments (1)