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.