RSS Feeds

Cyprus drops limits on 8 more foreign banks

Friday - 5/17/2013, 4:48pm  ET

NICOSIA, Cyprus (AP) -- Cyprus has eliminated limits on money transfers and withdrawals for international clients of another eight foreign banks doing business in the debt-laden country.

The Finance Ministry said Friday that the capital control exemptions now apply to Lebanon's Banque Bemo, BBAC, Credit Libanais and Bank of Beirut, France-based Banque SBA, Britain's Barclays, Jordan's Ahli Bank and the Ukraine's Privatbank.

This raises the number of exempted foreign banks to 12, although limits, such as a 300 euro ($385) daily withdrawal cap, still apply to domestic clients.

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

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.