Economy

Cyprus doubles limit on money transfers abroad

NICOSIA, Cyprus (AP) — Cyprus' finance ministry says the limit on taking money out of the country for bank clients' normal business transactions has been doubled to 1 million euros ($1.38 million).

The ministry said in a new decree Friday that banks still need documentation justifying such transfers. However, documentation is no longer necessary for either domestic money transfers or payments for goods and services over 300,000 euros.

This latest easing of capital controls follows the completion of plans to recapitalize and restructure the cooperative banking sector. Cyprus' March bailout deal with its eurozone partners and the International Monetary Fund forced uninsured depositors in its top two banks to take huge losses.

This prompted authorities to impose restrictions to prevent a run. Authorities aim to lift almost all restrictions by early next year.

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