Follow Cyprus immigration and Cyprus economy news: Cyprus Finance Minister Harris Georgiades recently stated that the country is expected to lift nearly all foreign exchange control measures by early next year. It is understood that Cyprus implemented foreign exchange control measures in March of this year, marking the first time in the Eurozone. This move by Cyprus aims to prevent bank runs in the country.
Georgiades informed the Financial Committee of the Cyprus Parliament that, based on the restructuring agenda for the Cypriot banking system, the vast majority of foreign exchange control measures should be lifted before spring 2014. "The timeline requires us to lift all imposed foreign exchange control measures within the first three months of 2014, but there is one exception, which is the transfer of funds from accounts in the country's banking system to overseas."
The Governor of the Central Bank of Cyprus, Panicos Demetriades, stated that the restructuring of the banking sector has provided these banks with sufficient capital to withstand future shocks. Demetriades remarked: "Any anticipated losses can be absorbed, and the banking sector is expected to gradually stabilize and recover." His statement ruled out the possibility of further losses being borne by depositors.