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Abolition of Restrictive Measures on Transactions

The 6th of April 2015 marks the first day of abolishment of all restrictive measures on transactions and transfer of funds in and out of Cyprus.

Background

On the 16th of March 2015, the Minister of Finance in exercising the powers granted to him by sections 4 and 5 of the Enforcement of Restrictive Measures on Transactions in case of Emergency Law of 2013, following a recommendation from the Governor of the Central Bank issued

(i) the Enforcement of Temporary Restrictive Measures on Transactions in case of Emergency Thirty Fifth Decree of 2015, and
(ii) the Enforcement of Temporary Restrictive Measures on Transactions of Foreign Banks in case of Emergency Twenty Eighth Decree, of 2015.

Both decrees applied for a twenty one day period starting on the 16th of March 2015. This period ends today with no further decrees expected to be issued. The announcement was made by President Anastasiades on Friday 3rd of April.

As a result, for the first time since March 2013, there are no restrictive measures on transactions and funds transfers. Funds may now be transferred freely within Cyprus and abroad.
 

07 April 2015

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