Test results could end Cyprus capital controls

Results of stress tests on Cyprus’s banking sector have shown a re-establishment of stability in the banking sector, and could expedite the complete lifting of capital controls, Finance Minister Harris Georgiades (photo) said.

“It won’t be tomorrow but we shall commence the process of lifting the very last restrictions soon, in a gradual and staged manner,” Georgiades told Reuters.

Bank of Cyprus completes capital increase

Bank of Cyprus, the island’s largest lender, has completed a 1 billion euro ($1.34 billion) capital increase in a private placement to help it restructure following a haircut on deposits last year.

BoC announced late Monday the successful placement of 4.2 billion new ordinary shares at a price per share of 24 euro cents.

Nicosia paves way for first casino

NICOSIA – Cyprus will grant its first license for a casino resort within about a year, the government said on Friday, to be built in the south of the island where gambling has been strictly prohibited. Scores of Greek Cypriots regularly cross into the north of Cyprus, a breakaway Turkish Cypriot state recognized only by Ankara and where there are several casinos.