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Cyprus Lifts Banking Sector Currency Controls

by Ulrika Lomas, Lowtax.net, Brussels
07 April, 2015

Cyprus has announced that it has now lifted capital controls introduced in 2013 to prevent bank depositors moving large sums of money out of the country.

The capital controls were imposed in March 2013 to prevent a run on the banks. Subsequently, the Government temporarily proposed a one-off levy on bank depositors. The restrictions were eased in January and have now been fully removed.

The measure involved a EUR20,000 (USD21,700) monthly limit on transfers from Cypriot accounts to foreign banks.

According to a BBC report, Cyprus's President, Nicos Anastasiades, described the removal as "a vote of confidence in our banking system which, now fully independent of Greek banking institutions, can move forward."

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