News / Economy

Cyprus Partly Eases Capital Controls

Cypriot Finance Minister Harris Georgiades speaks to Reuters in an interview in Nicosia, Cyprus, April 22, 2013.Cypriot Finance Minister Harris Georgiades speaks to Reuters in an interview in Nicosia, Cyprus, April 22, 2013.
x
Cypriot Finance Minister Harris Georgiades speaks to Reuters in an interview in Nicosia, Cyprus, April 22, 2013.
Cypriot Finance Minister Harris Georgiades speaks to Reuters in an interview in Nicosia, Cyprus, April 22, 2013.
TEXT SIZE - +
Reuters
— Cyprus has further eased capital controls imposed last month to prevent a run on deposits, raising the threshold for transactions that do not require prior approval by the central bank, the finance ministry said on Thursday.

With the latest decree, Cyprus has permitted transactions up to 500,000 euros [$650,300] domestically without prior vetting, the ministry said in a statement.

Banks on the island were shut down for nearly two weeks in March after Cyprus agreed a 10-billion-euro [$13 billion] international bailout that forced major depositors at its two biggest lenders to pay part of the cost of the rescue.

The banks reopened under tight restrictions on March 28 - a first in the history of the eurozone - to prevent a run on deposits by panicked savers.

Firms, which cannot make transfers exceeding 20,000 euros overseas unless they are vetted by the central bank, had complained the restrictions were stifling. Russia had warned it only would restructure its loan to Cyprus if its interests were protected.

Finance Minister Harris Georgiades told Reuters he was confident the controls, which he called "necessary but temporary measures," would gradually be lifted within the next six months.

Other provisions of the new decree raised the amount individuals can transfer domestically to 10,000 euros a month from 3,000 euros, and to 5,000 euros from 2,000 euros abroad.

Travelers now may take 3,000 euros abroad, an increase from 2,000 euros. Other restrictions, such as a 300-euro cash withdrawal limit and a ban on cashing checks, remained in place.

You May Like

Photogallery Pope's Easter Prayer: Peace in Ukraine, Syria

Pontiff also calls for end to terrorist acts in Nigeria, violence in Iraq, and success in peace talks between Israelis and Palestinians More

Abdullah Holds Lead in Afghan Presidential Election

Country's Election Commission says that with half of the ballots counted, former FM remains in the lead with 44 percent of the vote More

Russia-Ukraine Crisis Could Trigger Cyber War

As tensions between Kyiv and Moscow escalate, so too has frequency of online attacks targeting government, news and financial sites More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Ukraine, Russia, United in Faith, Divided in Politicsi
X
Michael Eckels
April 19, 2014
There is a strong historical religious connection between Russia and Ukraine. But what role is religion playing in the current conflict? In the run-up to Easter, Michael Eckels in Moscow reports for VOA.
Video

Video Ukraine, Russia, United in Faith, Divided in Politics

There is a strong historical religious connection between Russia and Ukraine. But what role is religion playing in the current conflict? In the run-up to Easter, Michael Eckels in Moscow reports for VOA.
Video

Video Face of American Farmer is Changing

The average American farmer is now 58 years old, and farmers 65 and older are the fastest growing segment of the population. It’s a troubling trend signaling big changes ahead for American agriculture as aging farmers retire. Reporter Mike Osborne says a new report from the U.S. Census Bureau is suggesting what some of those changes might look like... and why they might not be so troubling.
Video

Video Donetsk Governor: Ukraine Military Assault 'Delicate But Necessary'

Around a dozen state buildings in eastern Ukraine remain in the hands of pro-Russian protesters who are demanding a referendum on self-rule. The governor of the whole Donetsk region is among those forced out by the protesters. He spoke to VOA's Henry Ridgwell from his temporary new office in Donetsk city.
Video

Video Drones May Soon Send Data From High Seas

Drones are usually associated with unmanned flying vehicles, but autonomous watercraft are also becoming useful tools for jobs ranging from scientific exploration to law enforcement to searching for a missing airliner in the Indian Ocean. VOA’s George Putic reports on sea-faring drones.
Video

Video New Earth-Size Planet Found

Not too big, not too small. Not too hot, not too cold. A newly discovered planet looks just right for life as we know it, according to an international group of astronomers. VOA’s Steve Baragona has more.
Video

Video Copts in Diaspora Worry About Future in Egypt

Around 10 percent of Egypt’s population belong to the Coptic faith, making them the largest Christian minority in the Middle East. But they have become targets of violence since the revolution three years ago. With elections scheduled for May and the struggle between the Egyptian military and Islamists continuing, many Copts abroad are deeply worried about the future of their ancient church. VOA religion correspondent Jerome Socolovsky visited a Coptic church outside Washington DC.
Video

Video Critics Say Venezuelan Protests Test Limits of Military's Support

During the two months of deadly anti-government protests that have rocked the oil-rich nation of Venezuela, President Nicolas Maduro has accused the opposition of trying to initiate a coup. Though a small number of military officers have been arrested for allegedly plotting against the government, VOA’s Brian Padden reports the leadership of the armed forces continues to support the president, at least for now.
Video

Video More Millenials Unplug to Embrace Board Games

A big new trend in the U.S. toy industry has more consumers switching off their high-tech gadgets to play with classic toys, like board games. This is especially true among the so-called millenial generation - those born in the 1980's and 90's. Elizabeth Lee has more from an unusual café in Los Angeles, where the new trend is popular and business is booming.
Video

Video Google Buys Drone Company

In its latest purchase of high-tech companies, Google has acquired a manufacturer of solar-powered drones that can stay in the air almost indefinitely, relaying broadband Internet connection to remote areas. It is seen as yet another step in the U.S. based Web giant’s bid to bring Internet to the whole world. VOA’s George Putic reports.
AppleAndroid

World Currencies

EUR
USD
0.7217
JPY
USD
102.17
GBP
USD
0.5949
CAD
USD
1.1009
INR
USD
60.326

Rates may not be current.