Cyprus loosens restrictions on bank customers

Cyprus abolished maximum daily cash withdrawal limits from bank accounts yesterday, a year after it imposed capital controls to prevent economic meltdown and a flight of cash under the terms of a painful international bailout.

In a decree issued by the finance ministry, the €300 limit per person per day was scrapped, along with restrictions on breaking fixed-interest time deposits prior to maturity.

The decree also allowed, under conditions, individuals to open bank accounts in other credit institutions.