Cyprus to lift all capital controls on Monday

Cyprus will lift on Monday all the capital controls it imposed in 2013 amid a chaotic bailout, president Nicos Anastasiades said on Friday.

“The lifting of the last restrictions marks the final restoration of confidence in our banking system,” Mr Anastasiades said in a statement.

Cyprus introduced the controls in April 2013 to prevent outflows after one bank was closed and a second seized deposits to recapitalise. Since then controls have been gradually eased.

The last remaining, included in a finance ministry decree last month, required authorities’ approval for businesses sending large remittances overseas, and individual travellers moving more than €10,000 out of the country.

Asked about the timing of the easing while Greece was in crisis over its own bailout programme, Mr Anastasiades said: "We want to hope that there will be no further deepening of the crisis with Greece."

Cypriot banks, he said, had fully severed their links with the Greek banking system following the 2013 crisis.

Reuters