Fitch rating agency has upgraded two banks in Cyprus, Bank of Cyprus and Hellenic Bank, due to the relaxation on restrcitions of movement of money.
Fitch upgraded the long term rating of Bank of Cyprus to CC and Hellenic Bank to CCC.
Further, the short term rating of both Bank of Cyprus and Hellenic Bank was upgraded to C.
The main reason for the upgrade is the lifting of restrictions on the free movement of money in Cyprus on May 30, 2014.
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