The next day, to halt a run on the country's banks, the central bank imposed restrictions on withdrawals.

ECONOMIST: Edging towards a solution | The

"A number of restrictions will be lifted and gradually, probably over a period of about a month according to the estimates of the central bank, the restrictions will be fully lifted, " Reuters quoted him as saying.

BBC: Cyprus capital controls 'may last a month'

He says at the moment there is no real safety net when problems arise in the eurozone and there needs to be fewer restrictions on the European Central Bank, for example when it comes to buying government bonds.

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Housing sales picked up in the second quarter, with first-time home buyers and those moving up accelerated purchases as the central bank eased policy and local governments lifted some restrictions.

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The US and EU have placed restrictions on dealings with Iran's Central Bank - the only official channel for Iranians to transfer money abroad - and Swift, the body that handles global banking transactions, has cut Iran's banks out of its system.

BBC: Iran sanctions disrupt medicine supplies

Some economists have doubts about another proposed move by the central bank: the abolition of most of Brazil's remaining foreign-exchange restrictions.

ECONOMIST: Brazil��s government debt