Posts by tag: House Ethics Committee

Archives April 27, 2013 posted by

Businesses welcome latest cap relaxations

BUSINESSES yesterday welcomed the relaxation of capital controls, including the lifting of restrictions for non-resident account holders in foreign banks, albeit with some conditions.

Officials however warned against exploiting the new regime.

The Central Bank’s (CBC) internal audit department director Yiangos Demetriou said it was a big step in an effort to help the operation of the nearly-paralysed market.

“We must be especially careful,” he told state radio. “Our lenders had reservations about this (and) we had a hard time convincing them,” he said.

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Archives April 11, 2013 posted by

Central bank issues reprieve for bounced cheques

UNTIL capital controls become more relaxed and the banking situation returns to normal, the Central Bank has decided not to blacklist anyone whose cheques may have bounced recently.

“During these difficult times, the Central Bank has informed the Central Information Archive to suspend operation,” Central Bank spokesperson, Aliki Stylianou said. She added this meant that anyone whose cheque may have bounced recently would not be blacklisted. 

Stylianou said the measure would remain in place until things returned to normal and was aimed at helping those who might have unwittingly had their cheques bounce. The problem with the cheques materialised with bank closures last month.

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