07/04/2013
Cyprus authorities further loosen deposit restrictions by allowing limited bank transfers
Cyprus' finance ministry has further loosened restrictions on access to accounts in the country's two biggest lenders by allowing limited, bank-to-bank money transfers.
The ministry issued a new decree Friday stating that individuals can transfer up to 2,000 euros ($2,588) from one bank to another each month. Business can transfer as much as 10,000 ($12,944) euros from bank to bank per month.
The new decree will remain in force for another seven days.
Cyprus imposed the limits last month to head off a potential bank run after lenders reopened following a nearly two-week closure to allow the country to finalize a 10 billion euro ($12.94 billion) bailout with its eurozone partners and the International Monetary Fund.
The bailout forces savers in the country's two biggest banks to take hefty losses.
