Cyprus capital controls could be lifted within a month
Menelaos Hadjicostis, The Associated Press
Published Thursday, March 28, 2013 6:21AM EDT
Last Updated Thursday, March 28, 2013 1:14PM EDT
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.