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HomeNews & InsightsCorporate Formation, Governance, and ComplianceALL capital restrictions have finally been lifted

ALL capital restrictions have finally been lifted

Monday 6 April 2015 marked a new day for Cyprus and its banking sector. ALL capital restrictions which were introduced two years earlier as a result of the Economic Adjustment Program for Cyprus agreed with the European Central Bank (ECB), the International Monetary Fund (IMF) and the European Commission (EC) IMF were finally lifted.

In early March 2015, Central Bank Governor gave an early sign of what was to come when, at the presence of ECB President Mario Draghi, announced the full lifting of all capital controls before the end of the first quarter of the year. A month later, during a televised press conference, President of Cyprus made the official announcement for the lifting of the last capital restrictions, turning the intention into reality and a testament to how much the country had achieved over the past two years.