Cyprus Mail

CBC sees capital controls scrapped before end of Q1

Cyprus expects to fully lift capital controls imposed two years ago before the end of the first quarter of this year, Central Bank Governor Chrystalla Georghadji said on Thursday.

“I can assure you it is view of the finance minister and government, and governor, that these capital controls will be very soon lifted, before the end of the first quarter,” Georghadji told a news conference in Nicosia in the presence of ECB President Mario Draghi.

Cyprus introduced capital controls in April 2013 to prevent a cash flight after a chaotic bailout forced the closure of one bank, and a second bank seized deposits to recapitalise.

It was the first time controls were imposed in the history of the eurozone.

It has since lifted all domestic controls but despite being eased significantly, some restrictions remain on international transactions.

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