Seventh Decree for Temporary Restrictive Measures on Transactions
The Seventh Decree of Temporary Restrictive Measures in Transactions was published. It contains clarifications in relation to payments and transfers to other credit institutions.
In this context:
1. Money transfers are allowed up to €2.000 per month per natural person per institution to accounts held in other credit institutions in the Republic of Cyprus.
2. Money transfers are allowed up to €10.000 per month per legal entity per institution to accounts held in other credit institutions in the Republic of Cyprus.
3. Cashless payments are allowed up to €300.000 to an account held at another credit institution within the Republic of Cyprus.
It should be emphasised that the relaxation of restrictions on non-cash payments for amounts up to €300.000 was undertaken in order to facilitate domestic transactions and not to transfer funds from one credit institution to another. Hence, the provision of paragraph 3 (i) of the Decree is pertinent here, which states that it is prohibited for any credit institution to make payments or transfers which aim to circumvent the restrictive measures.
Seventh Decree for Temporary Restrictive Measures on Transactions (UNOFFICIAL TRANSLATION)
