Currency controls imposed in Cyprus last year to prevent a run on banks will be “significantly” relaxed starting next week, the finance minister said on Tuesday, adding the country’s banking system was stabilizing.
The island nation introduced emergency controls on the movement of capital, including money transfers and cash withdrawals, last March to prevent a collapse of its financial system. It has been gradually relaxing those controls ever since.
Speaking to reporters, Finance Minister Harris Georgiades also said a review by its EU and IMF lenders was completed successfully and that “significant progress” in talks was achieved. [Reuters]