Cyprus Central Bank to Impose Capital Controls

NICOSIA, Cyprus (AP) -- Cyprus' president says the central bank will impose some limits on bank transactions on Tuesday, when most of the country's financial institutions reopen for the first time in over a week.

All banks except the Bank of Cyprus and Laiki are due to reopen on Tuesday morning. President Nicos Anastasiades did not specify what limitations would be imposed on transactions.

He said it was a "very temporary measure, which will gradually be relaxed."

The country's banks have been closed while politicians set up a plan to secure funding for an international bailout, after lawmakers rejected an initial scheme that would have seized up to 10 percent of people's accounts.

A deal securing the bailout was reached early Monday.


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