Day one following lifting of capital controls runs smoothly, banks say

By Stelios Orphanides

Things were running smoothly today morning at Bank of Cyprus, the island’s largest lender, and several other banks on the first day after the lifting of the capital controls, a source said.

The capital controls remained in place for two years after the banking crisis of 2013, which culminated with the bankruptcy of Cyprus Popular Bank, also known as Laiki, second largest lender at the time, and the recapitalisation of Bank of Cyprus with depositors’ money.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.