ECONOMY

Cyprus expects to lift capital controls lift early next year

Cyprus said on Wednesday it expects to lift capital controls in early 2014 after they were imposed to avoid a run on 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.

Cyprus has established a road map toward achieving that goal, but it is not time-oriented and depends instead on conditions being in place to allow the controls to be lifted.

[AFP]