In order to safeguard the stability of the Cypriot banking system, it was deemed necessary to implement interim restrictive measures, which will gradually be lifted upon assessment of the situation.

The temporary restrictions are:

1.        The maximum amount of cash withdrawal shall not exceed €300 daily or its equivalent in foreign currency, per person in each credit institution. All cash withdrawals (namely the withdrawals through debit and/or prepaid cards, the withdrawals from the credit institution’s tellers and the withdrawals through credit cards against balance in sight/current account) will be computed per person on a consolidated basis in each credit institution.

2.        If the maximum daily amount of cash allowed is not withdrawn on any given day, it may be withdrawn at any time afterwards.

3.        The cashing of cheques is prohibited.

4.        The following payments are allowed:

(a)     Payments for trade transactions that fall within the normal business of the customer and upon presentation of supporting documents as follows:

–           Payments of up to €5.000 per day per account are not subject to any restrictive measure.

–           Payments from €5.001 to €200.000 are subject to the approval of the Committee established in the CBC. Credit institutions will need to submit to the Committee the daily total and the number of such payments. The Committee will take a decision within the same day, taking into account the liquidity buffer situation of the credit institution.

–           Payments above €200.000 provided the prior approval of the Committee is obtained after taking into account the liquidity buffer situation of the credit institution.

(b)     Payments for salaries of employees upon presentation of supporting documents.

(c)      Student living expenses up to €5.000 per quarter and tuition fees of first degree relatives of residents studying abroad on the basis of supporting documents. The payment shall be made to the beneficiary.

(d)     Payments and/or transfers outside the Republic, via debit and/or credit and/or prepaid cards, shall not be allowed to exceed €5.000 per person per month in each credit institution.

Cashless payments or transfers of deposits/funds to accounts held abroad or in other credit institutions are prohibited.

5.        Fixed term deposits cannot be terminated prior to their maturity unless the funds are used to repay a loan within the same credit institution.

6.        On the first maturity of fixed term deposits, €5.000 or 10% of the total capital, whichever is the highest, can if the depositor wishes, be transferred to a sight/current account or deposited in a new fixed term deposit in the name of the depositor in the same credit institution. For the remaining amount the maturity shall be extended for 1 month.

7.        Amounts transferred from fixed term deposits in a sight/current account are subject to the restrictive measures applied to sight/current accounts.

8.        Exports of euro notes and/or foreign currency notes exceeding €1.000 or its equivalent in foreign currency per physical person per journey abroad is prohibited, unless the prior approval of the Committee is acquired. The Director of the Customs and Excise Department will be responsible for ensuring that this measure is implemented.

9.        Financial transactions, payments and/or transfers that have not been finalised prior to the date of entry into force of this Decree shall be subject to the restrictive measures. Financial transactions, payments and/or transfers, which have not been processed by credit institutions prior to the date of entry into force of this Decree are cancelled and must therefore be resubmitted.

10.     Credit institutions shall not execute cashless transfers or any other transfers that facilitate the circumvention of the restrictive measures.

11.     The restrictive measures apply to all accounts, payments and transfers regardless of the currency denomination.

12.     Exempted from the restrictive measures are:

(a)     All new funds transferred from abroad.

(b)     Withdrawal of cash using credit and/or debit and/or prepaid cards issued by foreign institutions on accounts abroad.

(c)      The cashing of cheques issued on accounts held with foreign institutions abroad.

(d)     Cash withdrawals from accounts of credit institutions with the Central Bank of Cyprus.

(e)     The Republic of Cyprus.

(f)      The Central Bank of Cyprus.

(g)     The diplomatic missions.

(h)     Payments that have been authorised by the Committee.

UNOFFICIAL TRANSLATION – The Enforcement of Restrictive Measures on Transactions in case of Emergency Law of 2013