The Standard Bank of South Africa has the capacity to confirm letters of credit issued by prime Cyprus banks. Foreign Exchange Exchange controls are administered by the Central Bank of Cyprus in co-operation with authorised dealers. Authority to approve applications for the allocation of foreign exchange for a number of purposes has been delegated to authorised dealers. Exchange is allocated freely and without restrictions through authorised dealers to pay for imports, provided that documentary evidence of shipment or actual importation of goods is available. Advance payments before shipment require the prior approval of the Central Bank, except for imports where the value does not exceed 2,000 Cyprus Pounds.
Most imports are free of licensing requirements.
Licences, where applicable, should be obtained before an import transaction is concluded. A licence has a six month validity period and may not be extended. No tolerance over value or quantity is permitted. Cyprus uses the Harmonised System of Tariff clarification. No government requirement regarding preshipment inspection.