The Central Bank of Cyprus and the country’s ministry of finance announced on August 8 that the lifting of controls and restrictions on the circulation of capital, which were imposed last March, will take place in two phases, which will each be divided into two stages.

The first phase, explains Politis, which is to commence in September and last until November, will progressively remove restrictions on transactions within the Republic of Cyprus.

The second phase, which is to begin in 2014 and take place over a month, will remove limits on withdrawals, and progressively eliminate restrictions on cross-border transactions.

This last measure, however, will depend on the achievement of progress in the implementation of the road map that was established yesterday by the Cypriot ministry of finance, and the restoration of depositors’ confidence in the country’s banking system, notes the Nicosia daily.