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Cyprus capital controls could be lifted in a month

Published: Thursday, March 28, 2013 11:52 a.m. CDT
Caption
(Petros Karadjias)
People wait outside a branch of Bank of Cyprus in Nicosia, Cyprus, Thursday, March 28, 2013. Cypriots get their first chance to access their savings in almost two weeks when the countryís banks reopen Thursday - albeit with strict restrictions on transactions - after being closed due to the countryís acute financial crisis. Lines were starting to form outside banks Thursday morning ahead of the official opening for six hours at noon (1000 GMT). (AP Photo/Petros Karadjias)

NICOSIA, Cyprus – Cyprus Foreign Minister Ioannis Kasoulides says that, according to the country's central bank assessments, restrictions on financial transactions are to be fully lifted in a month.

Cyprus imposed capital controls to limit withdrawals and transfers abroad when its banks opened Thursday 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.

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