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Banks Back to Business

Cyprus’ banking system stabilising following the end of capital controls on Monday.

Published on: 07 April 2015

Cyprus move to lift the capital restrictions it imposed two years ago signals return to credibility and better confidence in the banking sector, whilst further boosting the country’s economic recovery.

Investors and businesses alike, have praised Cyprus’s abandonment of these capital exchange controls.

The banking sector is now untied from crippled Greek interests exposure and the country is again open to all market forces. Essentially what Troika lenders demanded in exchange for a 10 billion euro loan.

In March 2013, Cyprus was the first and, thus far, the only eurozone member to impose such controls, in an effort to stem a flight of capital from its banks. Bank of Cyprus (BOC) was forced to seize a portion of clients’ uninsured deposits and convert it into equity to recapitalise, while the second-largest bank at the time, Laiki, was wound down. Since then, Cypriot banks have bounced back and have managed to raise capital from international investors.

This move now is predicted to contribute to faster recovery of the Cypriot economy and return to growth.

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