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ARTICLE · 07 APRIL 2015

Cyprus To Lift Capital Controls On Monday

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Keeping a close eye on proceedings since capital controls were introduced to the island in 2013, our Cyprus expert brings the happy news of a recovery in full swing.

CyprusFinance and Banking
Alex Hooft Van Huysduynen
Alex Hooft Van Huysduynen
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Keeping a close eye on proceedings since capital controls were introduced to the island in 2013, our Cyprus expert brings the happy news of a recovery in full swing.

Cyprus President Nicos Anastasiades said today (3 April) that all capital controls imposed on the island in 2013 to stem a cash flight will be lifted on Monday. He declared during a news conference that the "lifting of the last restrictions marks the final restoration of confidence in our banking system".

Cyprus introduced the controls in April 2013 to prevent outflows after a chaotic bailout forced the closure of one bank, and a second bank seized deposits to recapitalise. It was the first time controls were imposed in the history of the eurozone.

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