Cyprus aims to lift capital controls by January

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Cyprus aims to lift capital controls by January Cyprus is expecting to lift capital controls by January 2014, President Nicos Anastasiades said, and Cyprus will be the best at implementing a bailout agreement with international lenders. ‘The goal right now is to create the conditions for growth and tackle the serious problem of unemployment, to stabilize the financial system,’ Anastasiades said in an interview with Bloomberg. Capital controls were imposed to avoid a run on the banks during bailout negotiations in March. It was the first time in the history of the Eurozone that restrictions in the movement of money were introduced. ‘What’s important too and a good sign is the behaviour of Cypriots, a responsible stance, without reactions, without strikes, labour peace,’ he told Bloomberg. ‘I believe that sooner than expected we will again be in a position to go to markets, but also to create encouraging prospects for the country.’ IMF Managing Director Christine Lagarde confirmed the country had made ‘commendable’ progress in stabilizing its finances.