Cyprus to Lift Capital Controls within Months

BRUSSELS – Cypriots who’ve been under a daily withdrawal limit at state banks since March will be able to take out what they want within a few months, Finance Minister Harris Georgiades said. That was at odds with previous government statements that the capital controls imposed in return for a 10 billion euro ($13.7 billion) international bailout could linger potentially for years. Georgiades said they will be lifted within months, although previous similar promises were later withdrawn amid fears of a run on the banks. Account holders are limited to only 300 euros ($405 per day) withdrawals and while terms for businesses are more lenient they are still strangling their ability to operate, owners have complained.