Cyprus capital controls seen gone by year's endFebruary 14, 2014 @ 6:37 am
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 This material may not be published, broadcast, rewritten or redistributed.)
Extra police are on duty & students stay home over an Auburn high school shooting threat
With Seahawks home games 'sold out' the ticket price of this seat doesn't seem so bad
The massive Oso landslide poses new flood threat as winter approaches
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.