ECONOMY

Cyprus lifts limits on clients of foreign banks

Cypriot authorities have lifted money withdrawal and transfer restrictions on island resident clients of 16 foreign banks.

The Finance Ministry said on Friday that this applies to residents of Cyprus who had accounts at those banks before restrictions on foreign lenders doing business in the country were imposed on April 25.

Before Friday’s decree, only clients who were not permanent Cyprus residents enjoyed restriction-free services from those banks.

Cyprus imposed the restrictions – including a 300-euro-per-day withdrawal limit – on all lenders in March to prevent a bank run after it agreed a 23-billion-euro rescue package with its euro-area partners and the International Monetary Fund.

Some restrictions have since been lifted.

[AP]