articles | 14 May 2013

Cyprus expects bank restrictions lifted soon

President Nicos Anastasiades said on Monday that very soon conditions will permit the lifting of all restrictions imposed on financial transactions.

He also stressed that following the appointment of the new Board of Directors at the Bank of Cyprus, its restructuring will soon be completed.

Capital controls were imposed on the island’s banking sector following a Eurogroup agreement over a 10bln euro bailout that forced major depositors at the two biggest lenders to pay part of the cost of the rescue.

Addressing an event at the Presidential Palace to mark 20 years of the Institute of Chartered Accounts in England and Wales in Cyprus, Anastasiades said that, having secured the necessary financial assistance package, the government is totally devoted to restructuring and revitalizing the economy and its banking system, as well as retaining Cyprus’ position as an attractive investment destination and a highly-competitive centre for international businesses.

He noted that already numerous restrictions on transactions have been lifted, including a number of restrictions on international business activities.

“Simultaneously, my government concentrates on promoting growth, offering favourable tax incentives for existing or new companies doing business in Cyprus, encouraging foreign investment, increasing Cyprus’ competitiveness and creating a more effective and business-friendly environment”, he stressed.

Anastasiades referred to the measures already taken to restart the economy and tackle unemployment, adding that “other pertinent measures regarding the financial, services and investment sectors will soon follow”.

He added that just as in the past under worse economic conditions, the role of the chartered accountants “is once more vital in assisting the efforts of the government to restore confidence in the economy of the country and demonstrate that we are well-equipped, determined and able to overcome the challenges which lie ahead”.

“In this respect, your collaboration with international clients and businesses is highly significant in conveying all the measures and decisions adopted by the government towards encouraging foreign investment, promoting growth and increasing Cyprus’ competitiveness”, he said.

Source: Financial Mirror

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