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28 July 2014

Cyprus ends money controls on 2 more foreign banks

 - Monday, 27 May 2013, 14:23

Cypriot authorities have lifted restrictions on money withdrawals and transfers for international clients of another two foreign banks active in the crisis-hit country.

The Finance Ministry said Friday that limits no longer apply to Lebanon's Byblos Bank SAL and Jordan's Arab Jordan Investment Bank SA.

This raises the number of exempted foreign banks to 14, although limits, such as a 300 euro ($385) daily withdrawal cap, still apply to clients residing in Cyprus.

Cyprus enacted the controls in March to prevent a bank run after a 23 billion euro ($30 billion) rescue package it agreed with its euro area partners and the IMF forced large depositors in the country's two biggest banks to take major losses on their savings.

 

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