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VTB, Promsvyazbank subsidiaries withdrawn from under effect of banking restricting measures in Cyprus

May 11, 2013, 1:50 UTC+3
The restricting measures were imposed at the end of March
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NICOSIA, May 11 (Itar-Tass) - The subsidiaries of VTB (Russian Commercial Bank) and Promsvyazbank that operate in Cyprus were put on the list of foreign crediting organizations, which the republican Finance Ministry decided to withdraw from under the effect of the restricting measures on the capital movement. This list was made public as an addendum to the decree, which Finance Minister Charis Georgiadis signed on Friday.

The list, which the Central Bank of Cyprus presented to the Finance Ministry for the withdrawal of the crediting organizations from under the effect of the restricting measures on banking transactions, included only four foreign banks. Along with Russian banks, this was the BLOM Bank SAL and the Lebanon and Gulf Bank SAL. All of them meet the criteria set particularly for sufficient liquid assets in them, the Central Bank of Cyprus stated.

According to the decree, all four banks are permitted to carry out any payment transactions and banking transfers between their accounts inside the country and abroad. They are permitted to make any settlements with their clients on the island and outside Cyprus and between international clients of these banks.

Meanwhile, the Cypriot Finance Ministry banned the foresaid banks to serve the clients among Cypriot citizens, who already have the accounts in these lending organizations, and to open new accounts for them.

The restricting measures on the capital movement in Cyprus were imposed at the end of March after the Eurogroup decided to ‘trim’ the deposits to avert the withdrawal of the assets from the banks abroad. People still cannot cash more than 300 euros daily at the automatic teller machines on the island and are banned to bring freely more than 3,000 euros per capita from the country.

 

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