Cyprus removes remaining capital controls

The government of Cyprus has officially removed all remaining restrictions on the movement of capital. These measures were originally implemented in the spring of 2013 following a banking crisis that involved significant write-downs on deposits. Over the past two years, the government gradually eased these restrictions. This final decision now allows account holders to transfer funds abroad without limitation. While many individuals had already withdrawn their assets during the easing period, others have chosen to keep their savings within the Cypriot banking system. The 2013 policy, often referred to as the 'haircut,' remains a significant event in the country's economic history. The island is currently transitioning from an austerity-focused recovery model. Concerns remain regarding the broader stability of the economy and the quality of public healthcare services.