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Cyprus ends capital controls two years after bailout

A picture released by the Press Information Office shows Cypriot President Nicos Anastasiades giving a press conference on the economy in Nicosia, Cyprus on April 3, 2015Cyprus on Monday signalled a return to financial normality in scrapping capital controls two years after they were imposed to halt a banking meltdown, the finance ministry said. President Nicos Anastasiades said last week the last of the draconian measures — imposed to avoid a run on local banks — would be lifted on Monday, and the finance ministry confirmed that this has now happened. Cyprus was the only eurozone member to have imposed such curbs. The authorities closed the banks for two weeks in March 2013 as they finalised a 10-billion-euro bailout by the European Union and International Monetary Fund.

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