Press release
by the Ministry of Finance on the abolition
of all
temporary restrictive measures on domestic transactions
The Ministry of Finance has set as a main objective the gradual removal
of the temporary restrictive measures on transactions with credit institutions,
in order to strengthen efforts to promote economic growth.
With the achievement of specific milestones incorporated in the relevant
roadmap, including, among others, the recapitalisation and the completion of
mergers in the Cooperative Credit Institutions, the progress in the
implementation of the restructuring plans of the banks and the gradual
stabilisation and restoration of confidence in the banking system, it is
possible to abolish all domestic restrictions on transactions.
The fourth consecutive positive assessment of the progress of the
economic programme for Cyprus by the Troika, the upgrading of the credit rating
of Cyprus by Rating Agencies and the apparent stabilisation of deposits in the
banking system add to the positive developments, and allow for the abolition of
all domestic restrictive measures on transactions.
The Cyprus Government intends to proceed with the same methodical way in
examining the external restrictions on transactions aiming towards their gradual
relaxation and eventual abolition.
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