According to news from the early morning of June 22, Beijing time, the Cypriot government announced on Friday that it would lift restrictions on withdrawal and transfer transactions for local clients of 16 foreign banks in Cyprus.
The Cypriot Ministry of Finance stated in a statement that the lifting of restrictions applies to clients who have settled in Cyprus and held these foreign bank accounts before the ban came into effect on April 25. Prior to the government decree on Friday, only clients without permanent residency in Cyprus could use the services of these foreign banks without restrictions.
Cyprus began implementing various capital control measures, including a daily withdrawal limit of 300 euros, in March to prevent a bank run following the government’s agreement to accept a bailout of 23 billion euros (30 billion dollars) from Eurozone partners and the International Monetary Fund under harsh conditions.
