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Heavy restrictions on capital movements enter into force

|Approved Changes|Cyprus; European Union
Cyprus; European Union

On 27 March 2013, the Cypriot Ministry of Finance adopted a decree relating to the capital export ban and the restrictions on the withdrawal of cash (the Decree). The Decree enters into force immediately for 4 days.

Details of the decree are described as follows:

-   The daily limit on withdrawals is fixed to EUR 300 per person or its equivalent in any foreign currency. This limit is calculated per person, on an aggregate basis…

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