30/5/14

Press release by the Ministry of Finance on the abolition of all temporary restrictive measures on domestic transactions

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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