Cyprus banks to reopen under tight security 28 March 2013 Last updated at 07:46 A woman tells the BBC's Tim Willcox she faces losing 40% of her savings after she came to Cyprus hoping to retire Security is tight in Cyprus as banks prepare to reopen nearly two weeks after closing while a controversial bailout was negotiated. Armed police were on guard as lorries said to be loaded with cash arrived at the central bank on Wednesday night. Demonstrators took to the streets to protest against the bailout and strict controls to stop a bank run. The restrictions on the free movement of capital represent a profound breach of an EU principle, correspondents say. Cyprus is the first eurozone member country to bring in capital controls, which it says will be temporary. Customers will be limited to withdrawing 300 euros ($383; £253) a day, to prevent everyone fleeing with their savings. Cyprus capital controls Daily withdrawals limited to 300 euros Cashing of cheques banned Those travelling abroad can take no more than 1,000 euros out of the country Payments and/or transfers outside Cyprus via debit and or credit cards permitted up to 5,000 euros per month Businesses able to carry out transactions up to 5,000 euros per day Special committee to review commercial transactions between 5,000 and 200,000 euros and approve all those over 200,000 euros on a case-by-case basis No termination of fixed-term deposit accounts before maturity As part of the bailout plan, depositors with more than 100,000 euros will also see their savings taxed in exchange for bank shares as Cyprus seeks to raise 5.8bn euros to qualify for a 10bn-euro bailout from the European Union, European Central Bank and the International Monetary Fund, the so-called troika. An earlier plan to tax small depositors was vetoed by the Cypriot parliament last week. Run fears In a statement issued on Wednesday, the ministry of finance insisted the measures were temporary and were needed to "safeguard the stability of the system." It read: "The Central Bank of Cyprus and the government of Cyprus will review them each day, with a view to progressive lifting of the measures as soon as circumstances allow. " Reuters reports that the stock exchange will remain closed on Thursday and will not reopen until after Easter. Correspondents say some fear a stampede as banks in Cyprus reopen between noon and 18:00 local time (10:00-16:00 GMT), nearly two weeks after they closed and progressively stricter limits were placed on withdrawals at cash machines. Armed police are on guard and hundreds of staff from the private security firm G4S will be guarding bank branches and helping to transport money, said the AP news agency. Severe new rules have been imposed on money movements to prevent a torrent of money leaving the island and credit institutions collapsing. As well as the 300-euro daily withdrawal limit, Cypriots may not cash cheques. Payments and/or transfers outside Cyprus via debit and or credit cards are allowed up to 5,000 euros per person per month. Transactions of 5,000-200,000 euros will be reviewed by a specially established committee ,with applications for those over 200,000 euros needing individual approval. Travellers leaving the country will only be allowed to take 1,000 euros with them. On Wednesday night, hundreds of protesters rallied outside the presidential palace, chanting: "I'll pay nothing; I owe nothing," the Reuters news agency reported. Many economists predict the controls could be in place for months. The unprecedented restrictions represent a profound breach of an important principle of the European Union that capital, as well as people and trade, should able be to move freely across internal borders, says the BBC's economics correspondent Andrew Walker. John Arghyrou, head of G4S Cyprus: "We advise our guards to be understanding" He said that he was forced to quit "upon demands of the troika," which comes after an administrator had been appointed to Bank of Cyprus to restructure the bank. But a European Commission spokesman denied that the troika had demanded Mr Kypri's removal. Panicos Demetriades, the central bank governor, then sacked the entire board, according to the Cyprus News Agency. His comments led to demonstrations, calls for his resignation from Bank of Cyprus staff, and a hastily-drafted denial from Mr Sarris.