Cyprus relaxes banking restrictions

Cyprus relaxes banking restrictions

Cypriots can now cash cheques and have higher limits on transactions. Also in business news: Switzerland will grant 500 Croatian workers access to the country's labour market.

Banking regulations were imposed last year as part of the austerity measures in Cyprus. [AFP]

Cyprus abolished restrictions on cashing cheques, thus lifting the last remaining local capital controls that were imposed about a year ago amid the country's austerity drive. The controls that were lifted were on cashing cheques and limits on transactions.

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Greece's government said it expects a budget surplus in 2014. The finance ministry said it forecasts a primary budget surplus of 2.3 percent of GDP, up from previous expectations of 1.5 percent.

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Switzerland will grant 500 workers from Croatia access to the country's labour market, with 50 one-year work permits and 450 short-term permits. Swiss voters approved restrictions on immigration in February. The country has now agreed to restart discussions with the EU on its participation in market access.

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Albania and Kosovo will have a joint customs terminal to facilitate the transportation of goods, Albanian Prime Minister Edi Rama said. He pointed out that Kosovo's goods exported to Serbia reach their destination within hours, while exports to Albania take two days due to bureaucratic procedures.

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Turkey is in negotiations with China on an investment deal worth $10 billion to $12 billion for the Turkish Afsin-Elbistan coal field and power plant project, according to Energy Minister Taner Yildiz. He told Reuters that for the time being Turkey has no plans to be a partner in the Trans-Adriatic Gas Pipeline...