Back
18 Sep 2013
Cyprus to scrap capital controls in January 2014
FXstreet.com (Barcelona) - Cyprus's President Nicos Anastasiades told Bloomberg today that the capital controls, imposed in the country in March under the 10 billion euro bailout in order to prevent a financial collapse, are expected to be ended in January next year.
With the measures currently in place, limiting cash withdrawals and transfer of funds abroad, the Cypriot economy has little room to expand. Many small and medium-sized companies were forced out of business and continuing uncertanity hinders investment.
“The goal right now is to create the conditions for growth and tackle the serious problem of unemployment, to stabilize the financial system,” Anastasiades said.
Earlier this week the IMF recognized Cyprus's progress in restoring financial stability in the country and gave the green light to the disbursement of 84.7 million euros, the organization's contribution to the bailout package.
With the measures currently in place, limiting cash withdrawals and transfer of funds abroad, the Cypriot economy has little room to expand. Many small and medium-sized companies were forced out of business and continuing uncertanity hinders investment.
“The goal right now is to create the conditions for growth and tackle the serious problem of unemployment, to stabilize the financial system,” Anastasiades said.
Earlier this week the IMF recognized Cyprus's progress in restoring financial stability in the country and gave the green light to the disbursement of 84.7 million euros, the organization's contribution to the bailout package.