Currency Controls Cancelled

NICOSIA 03 April 2015. The president of Cyprus speaking in a news conference on 03 April 2015 has announced that all remaining restrictions on the movement of funds in and out of Cyprus will be removed in the coming days. The president noted that this move is necessary to restore the confidence of the local and foreign investors and bank account holders in the banking system of the country. But of course he stressed that this is also crucial for the smooth and efficient working of the economy. He reminded everybody that the bailout which was done on the Cypriot deposits in the banks had shaken the trust and confidence in the banking system. Today he said the Cyprus banking system is very stable and gradually finding its paces. The Central Bank of Cyprus having introduced tough measures during the last two years has managed to control the flow of money and to avoid panic and bank rushes.

Cyprus is one of the EU states that has adopted the Euro as its currency and due to the world crisis suffered a lack of capital and flow of money making it necessary to introduce strict rules and regulations such as daily withdrawal limits of 300 euros. Gradually the restrictions have been relaxed and in the coming days all such controls will be removed.

Mr Anastasiades has also announced public projects for employment and infrastructures of more than three hundred millions to boost the economy, to spur growth and alleviate the unemployment. The Cypriot economy has time and time again beaten predictions of international economists as to the duration of its recession which after three years has started to abate and a return to growth this year is now forecast.

He also indicated that a strong evidence that trust in the Cyprus economy is being gradually restored is the fact that government bonds now are being bought by international investors with an interest rate four percent and lower.