FX.co ★ Cyprus lifts capital controls

Cyprus lifted capital controls that were imposed two years ago as part of a 10-billion euro European bailout.
“The lifting of the restrictions confirms the full restoration of confidence in the banking system, the significantly improved business climate and essentially marks the return of the economy to normal conditions,” Cyprus government spokesman Nikos Christodoulides said.
In May 2014, the movement of capital within the country was fully restored. The international payment restrictions are lifted.
However, refuse from capital controls could lead to the instability in deposits.
At the end of February, deposits stood at 46.5 billion euros compared to 67.5 billion euros in the same month last year.