Cyprus president says all remaining money transfer restrictions to be lifted next week

Economic Indicators Associated Press

Cyprus' president says that the last few remaining restrictions on transferring money out of the country will be eliminated next week.

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President Nicos Anastasiades said Friday that the lifting of the restrictions on Monday represents the full restoration of confidence in the bailed-out country's banking sector.

Cyprus introduced the limits — such as a daily withdrawal limit of 300 euros ($325) — to prevent a run in March 2013 when it received a multibillion euro rescue from international creditors in a bid to halt a slide to bankruptcy.

The rescue included the seizure of uninsured deposits in the country's two biggest banks to prop up the wobbly banking sector.

Anastasiades also announced more than 300 million euros worth of development projects to boost the Cypriot economy.