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Cyprus: Capital controls lifted 2 years after EU bailout

Cyprus: Capital controls lifted 2 years after EU bailout

Capital control rules relating to international deposits were freed on April 6, 2015, one year after Cyprus lifted restrictions on domestic deposits, ending two years of controls that set an undesired precedent for the Eurozone. It was the first time controls were imposed in the history of the Eurozone.

Cyprus introduced the controls in April 2013 to prevent outflows after a bailout forced the closure of Laiki Bank, and Bank of Cyprus seized deposits to recapitalise. The decision to lift capital restrictions is a clear indication that the banking system is stabilising and is undoubtedly, a development that will enable the collective effort towards the full recovery and growth of the Cypriot economy.

Business groups, the leaderships of the Employers and Industrialists Federation (OEV), the Chamber of Commerce and Industry (KEVE) and the Investment Promotion Agency (CIPA) stressed the importance of the move. The lifting was also welcomed by various local banks and is considered to be the end of a difficult era for the banking sector and the economy of the island at large.

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