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Cyprus: new cash rules for holidaymakers and expats
Cyprus has eased the strict capital controls imposed on March 28 to prevent a run on its stricken banking sector, raising the cash limit for departing travellers.

Travellers leaving Cyprus will now be allowed to take €2,000 with them, up from a previous cash limit of €1,000.

However, a daily cash withdrawal limit of €300 will remain in place for at least the next seven days, according to the finance ministry.

Relaxing the controls has been an urgent goal for the government to enable cash-starved businesses to pay staff and suppliers.

The ministry also raised the daily limit on transactions outside of the island not requiring prior approval from 5,000 to 20,000 euros.

Larger transactions that fall "within the normal business activity of the customer" will be permitted on a case-by-case basis with prior submission of the necessary paperwork.

Domestic bank transactions of up to €300,000 are now permitted.

The relaxation of the capital controls came as Cypriot leaders met eurozone finance ministers in Dublin.

Cyprus now needs a bail-out of €23bn – bigger than the size of the island's economy – instead of the €17.5bn agreed just three weeks ago.

International creditors expect Cyprus to make up the €6bn shortfall from its own resources.

Cyprus has already closed one of its largest banks, Laiki, and imposed a levy on deposits of more than €100,000 in Bank of Cyprus.

Customers with large deposits could lose more than 60pc of their savings.

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