NICOSIA, April 2 Cyprus is expected to announce
a partial relaxation of currency controls on Tuesday, raising
the ceiling for financial transactions that do not require
central bank approval to 25,000 euros from 5,000, a central bank
Cypriot authorities have also decided, in consultation with
international lenders, to unblock 10 percent of a 40 percent
effective freeze on large deposits in Bank of Cyprus
under a bail-in arrangement.
The bail-in sees another 37.5 percent of deposits exceeding
100,000 euros converted to equity in the bank and an additional
22.5 percent used as a buffer which could, if circumstances
warrant it, also be converted to equity.