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South Cyprus restricts cash crossing border

30 March 2013

The Greek Cypriot Ministry of Finance moved to plug a hole in their capital controls earlier today by stipulating that Greek Cypriot citizens cannot enter the TRNC carrying more than 300 euros daily.

This allowance is raised to 500 euros for foreign nationals crossing into the TRNC.

This new edict will close an obvious loophole that Greek Cypriots had been using to get money out of their banks while still avoiding controls as the money was not going overseas.

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