Free Flow: Cyprus to Lift Restrictions on Capital Transfer on April 6

Lifting of restrictions would mark a revived trust in the country's banking system, Cyprus President Nicos Anastasiades said.

ATHENS (Sputnik) – Cyprus will cancel all limitations on capital flow beginning Monday, Cyprus President Nicos Anastasiades said Friday.

Limitations had been implemented in 2013 in light of a dire economic situation in the country.

"As of next Monday (6 April 2015), the last restrictions in capital transfer, regarding transactions and capital transfer abroad, are lifted," Anastasiades was quoted as saying by the country's Press and Information Office.

The president said that the lifting of these restrictions marked a revived trust in the country's banking system.

"As of today (3 April 2015), the positive perspective for raising investments in conditions of full trust and credibility is being reinforced," Anastasiades said.

He also noted that banks' ability to raise capital and safely fund the national economy was reinforced, and is expected to have a positive effect in terms of supporting businesses, citizens and the general economic growth.

Anastasiades also announced a number of projects including those that benefit the unemployed, town planning incentives, and measures to speed up development projects through public tenders.