Cyprus capital controls seen gone by year's end

NICOSIA, Cyprus (AP) - Cyprus' central bank chief says he expects all restrictions on bank money transfers and withdrawals to be lifted by the end of the year.

Panicos Demetriades says most, if not all, domestic capital controls are likely to be eliminated in the next few weeks.

Demetriades was quoted by the Cyprus News Agency Friday as saying that getting rid of all restrictions _ including unlimited money transfers abroad _ depends on confidence being fully restored in the banking system and on the government making substantial progress in implementing the country's rescue program.

The controls were imposed to prevent a run on the banks after Cyprus agreed in March on a multibillion-euro international rescue plan that mandated a raid on uninsured deposits in the country's two top lenders.


(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Top Stories

  • New Capital Gains
    Gov. Inslee said he tried to avoid it, but he proposed new taxes to help fill a budget gap

  • 'It Was My Turn'
    K.J. Wright has signed a $27 million, four-year extension with the Seahawks

  • Holiday Map
    Find holiday events, Santa photo opportunities, and light displays
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
comments powered by Disqus
Sign up for breaking news e-mail alerts from MyNorthwest.com
In the community
Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.