Cyprus has relaxed some of the restrictions imposed on the European country ' s banks following an international bailout agreement.
The Central Bank of Cyprus said in a statement on Friday, " Each day, we will measure and look to refine or relax these controls with the overriding goal of safeguarding and stabilizing the Cypriot financial system. "
The bank did not identify the restrictions it eased which were imposed to stop draining Cyprus' banks after the government accepted a 10-billion-euro ($13 billion) bailout deal to save the cash-strapped nation from bankruptcy. On Thursday, banks reopened to customers after a nearly two-week lockdown, but the tight restrictions on transactions remained in place. Customers formed lines outside the banks before the doors swung open at 12:00 p.m. (1000 GMT) for the first time since March 16. The government has imposed temporary limits on daily cash withdrawals, allowing an amount of 300 euros only. Cypriot Finance Minister Michael Sarris also ordered travelers not to take more than 1,000 euros out of the country. A ban has been imposed on cashing checks as well. On March 25, Nicosia inked the deal, which includes a tax of up to 40 percent on deposits of over 100,000 euros in Cyprus’ two biggest banks, with the "troika" of the European Central Bank, the International Monetary Fund and the European Union.