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.
