Cyprus Lifts All Domestic Capital Controls

AP

Cyprus on Friday formally eliminated all domestic restrictions on money transfers, a watershed for the bailed-out country's recovering banking system.

It is still not possible to freely transfer money abroad without at least some central bank vetting. But Cypriot authorities are aiming to allow that by the end of this year.

In other good news, the Bank of Cyprus, the country's largest, posted its first quarterly profit in two years, thanks to the lender's ongoing downsizing drive and dumping of risky overseas businesses.

Bank of Cyprus CEO John Hourican cautioned against reading too much into the modest return to profit. But the signs are that the bank is again earning people's trust, he added.

Editor’s Note: The lifting of capital controls is one of the main catalysts we are looking out for in our so far lucrative crisis investment in Cyprus. More details here.

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