Cyprus ends cash withdrawal limits from banks

NICOSIA, Cyprus (AP) -- Cyprus has scrapped all limits on daily cash withdrawals from banks in a significant loosening of capital controls that were imposed following the country's financial rescue deal a year ago.

A new Financial Ministry decree also increased the amount of money that a person can move within Cyprus to 50,000 euros ($68,800) from 20,000 euros. The amount for companies doubled to 200,000 euros ($275,180).

Friday's decree also allows people to open new accounts in any bank as long as they're a fixed term deposit of 5,000 euros or more.

Cypriot authorities imposed the controls to head off a run because a key clause of its rescue involved the seizure of almost half of uninsured deposits in the country's largest bank and closure of its second largest lender.

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 This material may not be published, broadcast, rewritten or redistributed.

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