ECONOMY

Sarris says Cyprus capital controls probably a ‘matter of weeks’

Cypriot Finance Minister Michalis Sarris believes that capital controls will be in place on the island for “several weeks.”

Speaking to BBC Radio 4, Sarris also said that uninsured Cypriot depositors are due to suffer a haircut of about 40 percent.

“It will be around that figure but I don’t want to speculate,” said Sarris.

He added that restrictions on cash withdrawals and transfer of money would not last too long.

“I think we are talking about a matter of weeks,” he said. “That’s my feeling.”

Sarris was speaking as Cypriot MPs were debating asking the country’s central bank to provide details about all transfers of capital from the island in the build-up to the bailout decision.