No Restrictions on Local Cyprus Card Transactions

By: AP Email
By: AP Email

NICOSIA, Cyprus (AP) - Cyprus central bank says that there are no limits on debit and credit card transactions made inside the country.

The central bank made the announcement to clarify the capital control rules it introduced this week to prevent a run on the country's banks.

The bank said that while there is a 5,000 euro limit on credit and debit card purchases abroad, there were no such limits on domestic transactions and money transfers.

Cyprus imposed capital controls this week to prevent a bank run after it agreed to make the banks' bondholders and big depositors contribute to the rescue of the country's financial sector. The deal was needed to secure 10 billion euros ($12.9 billion) in loans from the eurozone and the International Monetary Fund.

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