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  • 13 July 2020 Μελέτη για τις περιοχές των Βρετανικών Βάσεων

    Ανακοινώθηκε η περιβαλλοντική μελέτη για... read more

  • 9 July 2020 Cabinet extends town planning incentives

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  • 9 June 2020 Cyprus beaches have the best water quality in the EU

    Cyprus had the highest proportion of bathing sites with excellent water... read more

  • 28 May 2020 Coronavirus Anastasiades outlines millions to be pumped into the economy updated

    Fortunately, the government is proceeding with helpful measures in order for... read more

Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 13 July 2020 Μελέτη για τις περιοχές των Βρετανικών Βάσεων

    Ανακοινώθηκε η περιβαλλοντική μελέτη για... read more

  • 9 July 2020 Cabinet extends town planning incentives

    THE CABINET on Wednesday decided to extend existing town planning incentives... read more

  • 23 June 2020 Historic deal allows property development in British Bases

    CYPRIOTS who own land in non-military areas inside the British Bases will be... read more

  • 9 June 2020 Cyprus beaches have the best water quality in the EU

    Cyprus had the highest proportion of bathing sites with excellent water... read more

  • 28 May 2020 Coronavirus Anastasiades outlines millions to be pumped into the economy updated

    Fortunately, the government is proceeding with helpful measures in order for... read more

Capital controls to end on Monday

President Nicos Anastasiades has announced that Cyprus will eliminate the last of the capital controls, which were imposed in April 2013 as part of a €10 billion European bailout, on Monday 6th April. By: Nigel Howarth Published: Friday 3rd April 2015 • Filed Under PRESIDENT Nicos Anastasiades said on Friday all capital controls imposed on the island in 2013 to stem a cash flight will be lifted on Monday. “As from next Monday, the last restrictions on capital movement concerning transactions and capital transfer abroad will be lifted,” Anastasiades said during a news conference. “The lifting of the remaining restrictions signals the final restoration of confidence in our banking system” he added. “From today the positive prospect for raising investments in full trust and confidence conditions is reinforced. The ability of banks to raise capital and to finance safely the economy is boosted, with a positive impact on the support of citizens, businesses and development” he concluded. Cyprus introduced the controls in April 2013 to prevent outflows after a chaotic bailout forced the closure of one bank, and a second bank seized deposits to recapitalise. It was the first time controls were imposed in the history of the eurozone. It has since lifted all domestic controls but despite being eased significantly, some restrictions remain on international transactions. Asked about the timing of the easing while Greece was in crisis over its own bailout programme, 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. Since the crisis struck in 2013 deposits shrank to €46.5 billion at the end of February compared with €65.5 billion in the same month of 2013. In its decision to revise the outlook for Cyprus to positive on 27th March, Standard & Poor’s said “Although domestic capital controls were completely eliminated in May 2014, we see uncertainty regarding the impact of elimination of the remaining controls on international transactions on the stability of private-sector deposits.”

Read more at: http://www.news.cyprus-property-buyers.com/2015/04/03/capital-controls-to-end-on-monday/id=0054974
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