Cyprus set to lift last cap­i­tal con­trols

The China Post - - WORLD BUSINESS -

Cyprus is to scrap its last re­main­ing cap­i­tal con­trols from April 6, two years af­ter they were im­posed in the heat of its bank­ing cri­sis, Pres­i­dent Ni­cos Anas­tasi­ades an­nounced Fri­day.

In a tele­vised news con­fer­ence on the econ­omy, Anas­tasi­ades said the last of the dra­co­nian mea­sures — im­posed to avoid a run on banks — would be lifted on Mon­day.

Im­proved trust from in­terna- tional mar­kets and con­fi­dence in the fi­nan­cial sys­tem has al­lowed the grad­ual eas­ing of re­stric­tions.

“The re­moval of the re­main­ing re­stric­tions marks the fi­nal restora­tion of con­fi­dence in our bank­ing sys­tem,” said Anas­tasi­ades.

“This re­in­forces the pos­i­tive out­look for rais­ing in­vest­ment un­der con­di­tions of full trust and con­fi­dence,” he said. “It strength­ens the abil­ity of the banks to raise cap­i­tal and safely fi­nance the econ­omy.”

Once the ex­ter­nal con­trols are lifted, busi­nesses and in­di­vid­u­als will be al­lowed to trans­fer money abroad with­out re­stric­tions.

Cyprus is the only eu­ro­zone mem­ber to have im­posed such curbs.

Un­der the eased re­stric­tions, res­i­dents have been al­lowed to trans­fer up to 20,000 eu­ros (US$21,700) out of Cyprus each month and trav­el­ers abroad could take as much as 10,000 eu­ros per jour­ney.

( 29.838)

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