People crowd the entrance of a branch of the Bank of Cyprus in Nicosia, Cyprus, shortly after it opened its dors on 28 March 2013. Photo by EPA/BGNES
The unprecedented capital control measures, which crisis-hit Cyprus introduced, may not be as temporary as the ministry of finance claims, economists have warned.
Many economists predict the controls could be in place for months, according to BBC.
The unprecedented restrictions represent a profound breach of an important principle of the European Union, says the BBC's economics correspondent Andrew Walker.
That principle holds that capital, as well as people and trade, should able be to move freely across internal borders, he says.
It is not only big depositors, who are suffering. Those who put smaller sums aside for fixed terms are seeing their money frozen.
As well as the daily withdrawal limit of EUR 300, Cypriots may not cash cheques.
Payments and/or transfers outside Cyprus via debit and or credit cards are allowed up to EUR 5,000 per person per month.
Transactions of EUR 5,000-200,000 will be reviewed by a specially established committee, with applications for those over EUR 200,000 needing individual approval.
Travelers leaving the country will only be allowed to take EUR 1,000 with them.