Arab Today, arab today cyprus unveils roadmap to lift capital controls
Last Updated : GMT 19:12:07
Arab Today, arab today
Arab Today, arab today

Cyprus unveils roadmap to lift capital controls

Arab Today, arab today

Arab Today, arab today Cyprus unveils roadmap to lift capital controls

Nicosia - AFP

A roadmap was announced Thursday to lift capital controls in force since March but without a clear timeline for when they will be scrapped, as the EU state battles its economic crisis. Under the finance ministry\'s terms, it could take a year or two before the free movement of capital - outside and inside Cyprus - is allowed. The eurozone\'s first and only capital controls were introduced when the Cyprus banking system threatened to collapse as an international troika of lenders imposed harsh bail-in terms in return for a EUR10 billion bailout ($13.3 billion). \"The restrictive measures were enforced to ensure the stability of the financial system and to safeguard public order,\" the finance ministry said in a statement. \"Cypriot authorities are committed to removing the restrictive measures and ensuring free movement of capital, as soon as conditions allow,\" it added. It said the troika had agreed on the key principles that restrictive measures shall remain in place only for as long as strictly necessary. And such measures would be \"gradually removed\" so as to safeguard financial stability. Under the agreed roadmap, the priority is to abolish restrictions on transactions within the Mediterranean island to be followed by allowing the free movement of capital abroad. But the relaxation is linked to specific milestones such as recapitalisation of the banking sector and a Bank of Cyprus restructuring. \"These are instrumental in rebuilding depositors\' confidence in the Cypriot banking system and helping economic recovery,\" said the ministry. \"The restrictive measures linked to the particular relaxation stage will be removed in a step-by-step process.\" A senior International Monetary Fund official, Delia Velculescu who heads the IMF mission in Cyprus, said last week the island is on target and making \"good progress\" in implementing the bailout agreed with the European Commission, European Central Bank and IMF. As part of the bailout plan, the troika had required the winding up of the island\'s second-largest and bankrupt lender, Laiki, and a haircut on deposits over 100,000 euros in its struggling largest lender, Bank of Cyprus. Fearing a run on banks at the time the bailout was agreed, the authorities imposed strict capital controls that have only been partially relaxed.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today cyprus unveils roadmap to lift capital controls Arab Today, arab today cyprus unveils roadmap to lift capital controls

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today cyprus unveils roadmap to lift capital controls Arab Today, arab today cyprus unveils roadmap to lift capital controls

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Taxi! Transport gets an overhaul

GMT 12:09 2017 Sunday ,24 September

Taxi! Transport gets an overhaul
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Turkey warns of 'security' steps

GMT 12:17 2017 Sunday ,24 September

Turkey warns of 'security' steps
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Big Western brands polluting oceans

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:11 2017 Saturday ,23 September

Doctor provides advices to families

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday