Cyprus drops limits on 8 more foreign banks

Friday, May 17th, 2013 | Finance News

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.