Cyprus scraps 2 million euro cap on business money transfers abroad as trust in economy rises

Cyprus has reached another milestone in restoring confidence in its financial system after scrapping a 2 million euro ($2.36 million) limit on the amount of money businesses can transfer abroad.

Cyprus has put a series of limits on money transfers and bank transactions after concerns rose of bank runs when it required a bailout package in 2013.

The limits are being lifted gradually.

The Cypriot finance ministry said Friday that the central bank will allow businesses to transfer as much money as they want out of the country.

Additionally, the limit of money an individual can transfer abroad at any one time is being doubled to 20,000 euros ($23,600). Cash individuals can carry on them per trip abroad increases from 6,000 to 10,000 euros ($11,800).