Nevertheless, many financial experts say Cyprus has, in effect, made a “silent, hidden exit” from the euro, said Guntram B. Wolff, the director of Bruegel, a Brussels research group. Despite a softening of restrictions, he added, “the euro in Cyprus is still not the same as a euro in Frankfurt.”

The rigid capital controls introduced in March have been steadily relaxed, but they still snarl businesses and ordinary Cypriots in a web of red tape.

Within certain, and constantly changing, limits, individuals and companies can now make transfers abroad and between banks in Cyprus, operations that were initially prohibited. However, they need to present invoices and other documents to justify moving their money. Transfers over 500,000 euros, about $640,000, by a company — and 300,000 euros, about $380,000, by an individual — require the central bank’s approval.

It is still forbidden to cash checks or to open a new account unless a previous one existed at the same bank. Individuals can withdraw no more than 300 euros a day, while the limit for companies is currently set at 500 euros. Signs at airports warn passengers that it is illegal to carry more than 3,000 euros out of the country.

All these rules and the paperwork they create add to the cost of many transactions, effectively reducing the value of the euro in Cyprus compared with a freely movable euro in the rest of the euro zone.

“Our euro looks like a euro and feels like a euro, but it is not really a euro,” said Alexandros Diogenous, the chief executive of Unicars, a company in Nicosia that imports cars made by the VW Group in Germany.

One measure of this, Mr. Diogenous said, is the wide gap in interest rates between Cyprus and the rest of the euro zone. “I’m paying 7.75 percent on long-term loans, but my partners in Germany are paying 3 to 4 percent,” he said.