Cyprus Raises Amount Depositors Can Transfer With New Decree

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Cyprus on Sunday partly eased capital controls in place since March 28 to avert a bank run, the Finance Ministry said in its latest decree.

Cyprus President Nicos Anastasiades and European President Martin Schulz give statements to the media at the European Parliament in Brussels

Cyprus on Sunday partly eased capital controls in place since March 28 to avert a bank run, the Finance Ministry said in its latest decree.

Cyprus raised the amount of money individuals can transfer between banks domestically to 3,000 euros ($3,900) from 2,000 euros a month. Companies may now transfer 50,000 euros from 10,000 euros. Other restrictions, such a 300 euro per day cash withdrawal limit, remained in place.

The ministry clarified that bank transactions of up to 300,000 euros domestically, which it allowed in a decree published on Friday, were not allowed from one bank to another to an account belonging to the same individual.

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