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Cyprus PIO: News Update in English, 03-08-05

Cyprus Press and Information Office: News Updates in English Directory - Previous Article - Next Article

From: The Republic of Cyprus Press and Information Office Server at <http://www.pio.gov.cy/>

  • [01]Tuesday, 05 August 2003 Government Spokesman: The Government has suggested the complete de-mining of the buffer zone
  • [02] Central Bank of Cyprus announces lifting of exchange control restrictions

    [01] Government Spokesman: The Government has suggested the complete de- mining of the buffer zone

    Invited to comment, during his daily press briefing yesterday, on the Turkish Cypriot leader's suggestions regarding the de-mining of certain areas, the Government Spokesman stated the following: "The Government has given its suggestions to the United Nations. It suggests the complete de- mining of the buffer zone and not as Mr Denktash proposes the de-mining of the Nicosia area only. Furthermore, the Government has submitted its views on de-mining a long time ago - I remind you that we said this, two or three years ago - and has included them in the measures it has introduced recently in support of the Turkish Cypriots. The position of the Republic of Cyprus - we are also awaiting the positions of the United Nations - is that we seek the complete de-mining of the buffer zone. I do not believe it is proper to allow Mr Denktash to be exploiting his position now and to be suggesting that the de-mining proposal was his initiative."

    [02] Central Bank of Cyprus announces lifting of exchange control restrictions

    In the framework of the planned gradual lifting of all exchange control restrictions necessitated by Cyprus's pending accession to the European Union in May 2004, the Central Bank of Cyprus announced yesterday the immediate lifting of the following exchange control restrictions: "Regarding current international payments, all restrictions concerning prepayments for imports, foreign currency in cash to be transferred abroad for local purchases and commission payments to non-residents, are lifted. As regards personal expenses, all limits regarding the issuing of foreign currency to residents of Cyprus to be used abroad for personal expenses, business travel, recreation, study or medical treatment, are lifted. Furthermore, the issuing of international cards to Cypriot residents as well as the foreign exchange payments undertaken with these cards are liberalised.

    Regarding personal capital movements (e.g. gifts, endowments, inheritances, etc.) all restrictions have been removed. Direct investments abroad by Cypriot residents are free of restrictions. Certain restrictions on portfolio investments, foreign bank deposits and the purchase of mutual funds, insurance products and residential property abroad, will continue to be in effect. Specifically, the limit of C50.000 per adult, per annum, will continue in order to facilitate a possible tax amnesty. For the same reason, the limit of C200.000 for the acquisition of a secondary residence abroad will remain in place. The ceiling on the participation of non- residents in the share capital of domestic banks listed on the Cyprus Stock Exchange has been lifted. Furthermore, all transfers of shares in banks will no longer require the consent of the Central Bank of Cyprus, provided the provisions of other laws are not contravened (e.g. the provisions of article 17(1) of the Banking Law). Following the lifting of these exchange control restrictions, the only remaining restrictions will concern the short-term foreign currency borrowing by residents of Cyprus, borrowing from non-residents in Cyprus pounds, the free conversion of Cyprus pounds into foreign currency by residents of Cyprus, and the capital transfers mentioned above. These remaining restrictions will be lifted upon accession to the EU in May 2004, at the latest." The Central Bank has noted that the lifting of these restrictions is occurring earlier than the deadline agreed with the EU.


    From the Republic of Cyprus Press and Information Office (PIO) Server at http://www.pio.gov.cy/


    Cyprus Press and Information Office: News Updates in English Directory - Previous Article - Next Article
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