Cypriot authorities have further relaxed restrictions on banks, introduced after the Eurogroup imposed a rescue of Cypriot banks in March, bank officials said on Saturday.

Under decrees issued by the minister of finance on Friday night, eight more foreign banks were excluded from restrictions on bank transactions as far as international customers are concerned.

The eight banks are the Bank of Beirut SAL, Banque BEMO SAL, Banque SBA, Barclays Bank PLC, BBAC SAL, Credit Libanais SAL, Jordan Ahli Bank plc and Privatbank.

Previously excluded banks were BLOM Bank SAL, Lebanon and Gulf Bank SAL, OJSC Promsvyazbank and Russian Commercial Bank (Cyprus) Ltd.

There are 27 foreign banks operating in Cyprus.

A bank is entitled to be excluded from restrictions if it is a more than 50 percent subsidiary of a foreign bank which can guarantee that it can support the liquidity position of its subsidiary.