March 25, 2013 / 7:16 PM / 4 years ago

Cyprus capital controls will be "very temporary"-president

NICOSIA, March 25 (Reuters) - Cyprus will introduce capital restrictions to prevent an outflow of money when its banks reopen this week but the measures will be "very temporary," President Nicos Nastasiades said on Monday.

"The central bank will implement capital controls on transactions," he said in a televised address to the nation. "I want to assure you that this will be a very temporary measure that will gradually be relaxed."

Anastasiades said the bailout deal reached overnight in frantic talks with the island's partners in the euro zone was "painful" but the best under the circumstances.

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