Cyprus Mail

Further relaxing of capital controls

THE GOVERNMENT yesterday issued its 16th decree, relaxing a bit further capital controls in place since the end of March to prevent a run on banks following a controversial decision to raid deposits.

The government allowed termination of a fixed term deposit before maturity for the payment of real estate in the Republic provided the funds are paid directly into the loan account of the seller of the real estate within the same credit institution and the loan of the seller of the real estate was granted prior to the entry into force of the capital controls, on March 27, and the justifying documents are presented to the credit institution and no sufficient credit balances are available in a sight/current account, with the same credit institution, to cover the payment.

The government also permitted Turkish Cypriots living in the breakaway north, but working in the government-controlled areas, to transfer euro notes in excess of €300, if the euro notes originate from a salary payment, upon presentation of justifying documents.

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