Cyprus Mail
Business Cyprus

Cyprus to lift all capital controls on Monday (updated)

President Nicos Anastasiades said on Friday all capital controls imposed on the island in 2013 to stem a cash flight will be lifted on Monday.

“The lifting of the last restrictions marks the final restoration of confidence in our banking system,” Anastasiades said during a news conference.

Cyprus introduced the controls in April 2013 to prevent outflows 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.

Asked about the timing of the easing while Greece was in crisis over its own bailout programme, Anastasiades said: “We want to hope that there will be no further deepening of the crisis with Greece.”

Cypriot banks, he said, had fully severed their links with the Greek banking system following the 2013 crisis.



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