Cyprus has reached another milestone in getting rid of capital controls it put in place after being bailed out last year, saying all domestic controls have been lifted except the opening of new bank accounts.
The Finance Ministry said in a statement Friday that a prohibition on cashing checks as well as caps on domestic transactions and payments that don’t require central bank vetting have now been removed.
However, restrictions on unfettered money transfers abroad remain in place. Authorities said they hope to lift them by year’s end.
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.