articles | 01 December 2014

Capital controls will end when bank system stabilises

The Central Bank governor said recently that all capital controls in currency outflows abroad would be lifted once the island’s banking system stabilised, saying she anticipated that could be soon.

“We have assessed that after the successful results of the (bank) stress tests there has been a stabilisation of the system. We have to ensure that is permanent, and once that is ascertained, and I imagine soon, the last restrictions on capital movements will be eased,” Chrystalla Georghadji told reporters in parliament.

Cyprus imposed restrictions on currency movements in March 2013. Restrictions have been eased for domestic transactions but some still exist on transactions abroad.

Source: Cyprus Mail

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