‘Money to be freed in early 2014’

Published on 9 August 2013 at 10:58

Cover

The Central Bank of Cyprus and the country’s ministry of finance announced on August 8 that the lifting of controls and restrictions on the circulation of capital, which were imposed last March, will take place in two phases, which will each be divided into two stages.

The first phase, explains Politis, which is to commence in September and last until November, will progressively remove restrictions on transactions within the Republic of Cyprus.
The second phase, which is to begin in 2014 and take place over a month, will remove limits on withdrawals, and progressively eliminate restrictions on cross-border transactions.

This last measure, however, will depend on the achievement of progress in the implementation of the road map that was established yesterday by the Cypriot ministry of finance, and the restoration of depositors’ confidence in the country’s banking system, notes the Nicosia daily.

Receive the best of European journalism straight to your inbox every Thursday
Tags

Was this article useful? If so we are delighted!

It is freely available because we believe that the right to free and independent information is essential for democracy. But this right is not guaranteed forever, and independence comes at a cost. We need your support in order to continue publishing independent, multilingual news for all Europeans.

Discover our subscription offers and their exclusive benefits and become a member of our community now!

Are you a news organisation, a business, an association or a foundation? Check out our bespoke editorial and translation services.

Support independent European journalism

European democracy needs independent media. Join our community!

On the same topic