Cyprus & World News

Cyprus capital controls to be lifted by end of 2014

15 February, 2014

All capital control restrictions are expected to be lifted by the end of the year “if all goes well” Cyprus Central Bank Governor Panicos Demetraides said on Friday.

Speaking from Limassol, also expressed confidence that domestic restrictions will be lifted in the next few weeks.

The CBC Governor, speaking after a meeting with his Lebanese counterpart, noted that lifting all restrictions depends on regaining confidence in the banking sector and achieving substantial progress in the implementation of the Memorandum of Understanding that Cyprus has signed with its international lenders (European Commission, ECB, IMF).

Together with the Governor of the Central Bank of Lebanon, they announced the beginning of talks between the banking systems of the two countries, aiming at enhancing relations in Cyprus-Lebanon banking sector.