Economy

Cyprus capital controls seen gone by year's end

NICOSIA, Cyprus (AP) — Cyprus' central bank chief says he expects all restrictions on bank money transfers and withdrawals to be lifted by the end of the year.

Panicos Demetriades says most, if not all, domestic capital controls are likely to be eliminated in the next few weeks. Demetriades was quoted by the Cyprus News Agency Friday as saying that getting rid of all restrictions — including unlimited money transfers abroad — depends on confidence being fully restored in the banking system and on the government making substantial progress in implementing the country's rescue program.

The controls were imposed to prevent a run on the banks after Cyprus agreed in March on a multibillion-euro international rescue plan that mandated a raid on uninsured deposits in the country's two top lenders.

Related Headlines

  • Expert review: Cyprus needs deposit guarantees

    A commission of experts said Thursday that the Cypriot government should offer a guarantee on all bank deposits when it removes limits on money flows in order to maintain ... 

  • Harris Georgiades

    Cyprus 'on track' with reforms

    Cyprus's economic reform program remains on track but authorities must maintain the momentum if the economy is to recover from its crippling banking crisis, the country's ... 

Find the best rates

Find your future job here