ECONOMY

Nicosia eases restrictions on movement of capital

Bailed-out Cyprus further eased controls on its residents moving capital out of the country on Friday, but stopped short of lifting the restrictions entirely, two years after they were introduced.

Individuals will now be allowed to transfer up to 1 million euros abroad per month, an increase from 50,000 euros, the Ministry of Finance said in an announcement.

A restriction on not being able to physically transfer more than 10,000 euros per traveler overseas remains in place.

[Reuters]