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The IMF, in its latest report on the Cypriot economy released last week, says Cyprus is making good progress on economic reforms, but the banking sector, in particular with a high proportion of non-performing loans (NPLs) remains an Achilles Heel. This fourth review of the Cypriot economy follows the island’s €10bn bailout last March by the EU and IMF.
Cyprus, the IMF and the European authorities have agreed a “roadmap” to further ease capital controls after those on bank transfers within Cyprus were lifted on 30 May: there remains a €5,000 limit on transfers outside Cyprus without prior authorization. Ratings agency Fitch predicts that the “removal of the remaining capital controls is unlikely to be fully implemented before the end of 2014.”
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