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Cyprus aims to lift capital controls by early 2014


19/09/2013

The roadmap Cyprus was established toward achieving that goal, but it is not time-oriented

18 September 2013 Eurozone member Cyprus said it expects to lift capital controls in early 2014 after they were imposed to avoid a run on the banks during bailout negotiations in March.

Finance Minister Haris Georgiades said the measures to curb capital flight were being lifted gradually and there was no fixed timetable set by the international lenders which provided the 10 billion euro bailout.

"Translating the roadmap into a timeframe places us indeed in the first months of the new year in lifting all constraints, with the one being left, the most sensitive, which is the international movement of capital," Georgiades told reporters.

There is still a daily 300 euro cash withdrawal ceiling from banks for individuals and 500 euros for businesses, while cheques cannot be cashed and central bank approval is needed for large business transactions.

www.eubusiness.com

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