Information on transactions processing in the Republic of Cyprus

Dear Sirs,Please be informed that from Thursday 28 March 11 CET onwards and until further notice, a decree signed by the Minister of Finance of Cyprus imposes restrictive measures on transactions issued by institutions under the supervision of the Central Bank of Cyprus. Transactions such as cash withdrawal, cashing of cheques, cashless payments/transfers (including via TARGET2) or payments via debit/credit/prepaid cards are subject to these restrictions. It should be noted, however, that inward transactions to Cyprus are not falling under this decree. This means, in particular, that TARGET2 transactions from participants in other Member States to participants in Cyprus are allowed without any particular restrictions.As regards the specific situation of Bank of Cyprus and Laiki, both institutions have entered into resolution on Monday 25 March and an administrator has been appointed for each of them. While the TARGET2 participation of Laiki is technically suspended since Tuesday, Bank of Cyprus, which had been temporarily suspended on Tuesday, has been reinstated by the Central Bank of Cyprus as of Thursday 28 March.The Single Shared Platform of TARGET2 remains technically fully operational.


SME and Corporates