Cyprus eases some bank restrictions

  • The Central Bank of Cyprus has eased some of the restrictions imposed following an international bailout deal.

    Debit and credit cards can now be used normally for domestic payments.

    On Friday, the central bank announced it would review the capital curbs on a regular basis and "refine or relax" them where possible.

    A $6,300 monthly limit will still be in place for credit or debit card purchases while abroad.

    In addition, customers can still only withdraw $383 a day and will not be able cash in cheques.

    Other controls include preventing people from taking more than $1,200 in cash outside the island making overseas money transfers.

    The capital controls were imposed as Cyprus seeks to raise $7.5 billion required as part of a $13 billion bailout offered by the European Union, the European Central Bank and the International Monetary Fund.

    Banks opened on Thursday for the first time in nearly two weeks following negotiations over the bailout deal.

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