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Cyprus central bank: all money controls gone by month’s end

March 5, 2015

NICOSIA, Cyprus (AP) — Cyprus’ central bank chief says the remaining restrictions on cash transfers out of the country will be eliminated by the end of this month.

The country had put the limits in place two years ago, when it needed an international bailout, and has been lifting them gradually.

Chrystalla Georghadji said the “two or three” remaining limits will be lifted by the end of the “first quarter of this year.” She was speaking Thursday at a news conference after a meeting of the European Central Bank.

The restrictions include a cap on money that travelers can carry out of the country and unlimited money transfers abroad for individuals and companies.

The move will end a painful chapter of Cyprus’ rescue, which saw savers’ deposits raided to support the ailing banks.

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