Cyprus to Lift Most Currency Controls by Spring 2014

Cyprus to Lift Most Currency Controls by Spring 2014

Cyprus expects to lift almost all currency controls early next year, although restrictions will remain on individuals shifting funds out of the country, Reuters reported, quoting finance minister Harris Georgiades.
Cyprus introduced currency controls in March to prevent a bank run after savers were forced by the country's international bailout to recapitalize a major lender with their own funds and a second bank was closed down.
Georgiades told parliament's finance committee that most controls would be lifted "before the spring" of 2014. However, individuals transferring money from an account in Cyprus to an account abroad will still have to demonstrate that such transfers are for specific business reasons.
Cyprus has been gradually easing restrictions on money movements since March, the news agency recalled. There is still a ban on the use of cheques, a restriction on individuals withdrawing more than 300 euros in cash daily and a freeze on breaking time deposits.

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