Cyprus Mail

Day one following lifting of capital controls runs smoothly, banks say

By Stelios Orphanides

Things were running smoothly today morning at Bank of Cyprus, the island’s largest lender, and several other banks on the first day after the lifting of the capital controls, a source said.

The capital controls remained in place for two years after the banking crisis of 2013, which culminated with the bankruptcy of Cyprus Popular Bank, also known as Laiki, second largest lender at the time, and the recapitalisation of Bank of Cyprus with depositors’ money.

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