ECONOMY

Cyprus scraps corporate money forwarding control

Cyprus on Friday scrapped its last controls on businesses transferring funds abroad, another step toward abolishing measures imposed in 2013 to avoid a run on banks.

The Finance Ministry issued a decree that transfers above 2 million euros no longer need approval.

This comes a month after the ceiling on free transfers was raised to that level.

The decree also eases controls on the amount of money individuals may transfer abroad, but does not eliminate them altogether.

People will now be able to transfer 20,000 euros from the country each month, double the previous limit.

At the same time, those traveling abroad may now take as much as 10,000 euros per journey, up from the previous limit of 6,000 euros.

The ministry said improved trust from international markets and confidence in the financial system had allowed the easing of restrictions.

[AFP]