Cyprus imposes limits on cash taken abroad

NICOSIA - Agence France-Presse

Greek Cyprus’s Finance Minister Michael Sarris said yesterday that big depositors, which have more than 100,000 euros in their accounts, in Greek Cypriot banks could lose about 40 percent of their deposits as part of a 10-billion euro international rescue plan, Reuters has reported. Hürriyet photo

Cyprus's central bank imposed capital controls on Wednesday to prevent funds fleeing abroad, limiting what travellers may take out, restricting credit card purchases and slapping a ban on cashing cheques, local media reported.

Under a decree issued initially valid for seven days, individuals will be prohibited from taking more than 3,000 euros ($3,840) in cash on each trip abroad and limited to 5,000 euros a month in credit or debit card purchases while out of the country, Phileleftheros and Katherimini newspapers reported.

At the same time, companies will have to provide supporting documentation for all imports of more than 500 euros.