Cyprus Foreign Minister Ioannis Kasoulides said that, according to the country’s central bank assessments, restrictions on financial transactions are to be fully lifted in a month, The Associated Press reported.
Cyprus imposed capital controls to limit withdrawals and transfers abroad when its banks opened Thursday, March 28 for the first time since March 16. They were announced Wednesday night to prevent worried savers from withdrawing all their money during an acute financial crisis.
The restrictions were imposed for seven days initially and are being reviewed daily.
