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Cyprus says capital controls to be "significantly" eased starting next wk
February 11, 2014 / 12:20 PM / 4 years ago

Cyprus says capital controls to be "significantly" eased starting next wk

NICOSIA, Feb 11 (Reuters) - Currency controls imposed in Cyprus last year to prevent a run on banks will be “significantly” relaxed starting next week, the finance minister said on Tuesday, adding the country’s banking system was stabilising.

The island nation introduced emergency controls on the movement of capital, including money transfers and cash withdrawals, last March to prevent a collapse of its financial system. It has been gradually relaxing those controls ever since.

Speaking to reporters, Finance Minister Harris Georgiades also said a review by its EU and IMF lenders was completed successfully and that “significant progress” in talks was achieved.

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