Among other limitations, clients will not be able to cash checks or take more than 1,000 euros out of the country.
Cyprus stock exchange is to remain closed till next Tuesday.
9:25 GMT: "I feel shame that I live on the pension of my mom because I used to have my own salary every month, I used to have my own job, so it's very difficult to live with the money that my mom needs," unemployed Leonidas Argyrides told RT. "Life is turning upside down. You make plans for the future and suddenly you hear that the economy of your own country and the bank system is collapsed. So you're standing with empty hands."
9:18 GMT: Non-cash payment and money transfer restrictions:
Transactions under 5,000 euros have no restrictions. Sums from 5,001 euros to 200,000 euros must be approved by the central bank, which will consider the liquidity of the bank involved and make a decision within 24 hours. Transfers of over 200,000 euros will be determined on a case-by-case basis. No limitations were placed on payroll transfers that have the appropriate documentation.
Living expenses or tuition fee transfers are permitted for students who are close relatives of Cyprus residents. Transfers for living expenses are capped at 5,000 euros a quarter, and supporting documents must be supplied. Payments towards credit or debit cards are limited to 5,000 euros per month.
8:54 GMT: A majority of Cypriot banks are under heavy guard by police and security. The banks requested the security presence out of fear their employees would be attacked by angered depositors. Authorities have called on the public not to unleash their anger at the bank clerks, who are just doing their job. "We are not responsible for what is going on," a union for bank workers' communiqué stated. "Rather we are victims of somebody else's actions and mistakes that have lead to the current catastrophe that has put many people in an extremely tragic position."
8:30 GMT: Cypriots are excited over the reopening of the banks.
"Finally people's mood will be lifted and we can start to trust the system again," Yorgos Georgiou, who owns a dry cleaning business, told Reuters. "I'm worried about the poor kids working in the cashiers today, because people might vent their anger at them. You can't predict how people will react after so many days."
Kostas Nikolaou, a 60-year-old pensioner, said the uncertainty of the past two weeks had been "like a slow death… How can they tell you that you can't access your own money in the bank? It's our money, we are entitled to it."
8:13 GMT:
Statement by the European Commission on the capital controls imposed by #Cyprusbit.ly/XdWXGg8:01 GMT:
— Efthimia Efthimiou (@EfiEfthimiou) March 28, 2013
Media ready. Man tells me he's ready to put a box over his head to avoid cameras :) #Cyprus twitter.com/Tesa_RT/status…
— Tesa Arcilla (@Tesa_RT) March 28, 2013
7:59 GMT:
Bank staff getting ready #Cyprus. Two hours til opening at noon. twitter.com/Tesa_RT/status…
— Tesa Arcilla (@Tesa_RT) March 28, 2013
Probably the most photographed/filmed bank security today. Outside Bank of #Cyprus twitter.com/Tesa_RT/status…
— Tesa Arcilla (@Tesa_RT) March 28, 2013
7:30 GMT: 5 billion euros were reportedly flown into Cyprus for banks reopening after a two-week 'bailout break,' Greek newspaper Vima reported. The money came on a special flight from Frankfurt – the currency was loaded into special containers and moved to the central bank of Cyprus under tightened security.
