Cyprus currency decree eases restrictions on bank transfers

NICOSIA, April 5 Fri Apr 5, 2013 2:13pm EDT

NICOSIA, April 5 (Reuters) - Cyprus partially relaxed currency controls imposed to prevent a run on its banks, issuing a decree on Friday permitting companies to make cash transfers between banks.

Companies could transfer up to 10,000 euros ($13,000) per month from one bank account to another, and the limit for individuals was 2,000 euros, the finance ministry said in a statement. Other restrictions, including a 300 euro per day cash withdrawal limit from banks, and a vetting process for payments of more than 25,000 euros per day remained in place.

Cyprus introduced currency controls in late March after heavy losses were slapped on uninsured bank depositors in its two largest banks in return for a 10 billion euro bailout from the International Monetary Fund and the European Union.

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