By the end of this month, Cyprus will have fully removed all the capital controls that were imposed two years ago, following the bailout agreement and the near-collapse of the banking sector.
Central Bank Governor Chrystalla Georghadji made the announcement at a Nicosia news conference in the presence of ECB President Mario Draghi who was in Cyprus for a meeting of the European Central Bank’s governing council. “I can assure you that it is view of the Finance Minister, the Government and the Governor that these capital controls will be lifted before the end of the first quarter,” Georghadji said. Cyprus introduced capital controls in April 2013.
It was the first time such controls had been by a member of the eurozone. It has since lifted all domestic controls but some final restrictions remain on international transactions.
For more information please visit the Cyprus Investment Promotion Agency.
