All banks in Cyprus will remain closed until at least Thursday 28 March.

The central bank has announced that all banks will remain closed and capital controls will be imposed to prevent depositors from withdrawing all their funds.

All banks except the country’s two biggest, Laiki Bank and the Bank of Cyprus were due to open on 26 March. This extended closure has been imposed to ensure the banking systems run smoothly.

Cyprus’s finance minister, Michalis Sarris, said: "I think they will reopen on Thursday."

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Banks in Cyprus to remain closed until 26 March