All Cypriot banks will remain closed until Thursday. Earlier, the Cyprus authorities said all but the biggest two banks would open on Tuesday. The central bank now says all will remain closed to ensure the whole banking system functions smoothly.

President Nicos Anastasiades has said very temporary restrictions would be put on capital flows. Recently Cyprus agreed to a deal with the International Monetary Fund and the European Union that released 10 billion euros to streamline the country’s financial structure.

The bailout deal will see larger depositors in the two biggest banks, Bank of Cyprus and Laiki, lose money. Cyprus banks have been closed since last week. Sources said measures like controls to prevent money leaving the country are already in place. Certain limits on the size of cash withdrawals are expected to continue.