Cyprus's Finance Minister Michael Sarris has said big depositors in Cypriot banks could lose about 40% of their deposits as part of a €10 billion international rescue plan.
"It could be in that neighbourhood but I do not want to anticipate it," Mr Sarris told BBC radio, adding the exact figure was yet to be decided. "But what I have seen suggests a number in that neighbourhood."
Mr Sarris also said that capital controls to prevent big outflows of cash from the island would probably last for "a matter of weeks."
Mr Sarris earlier ordered that all banks in the country remain closed until Thursday, according to the Cyprus Central Bank.
The move follows the striking of a bailout deal between Cyprus and the Troika in Brussels on Sunday night.
It is now 11 days since Cypriot banks closed in the face of a potential run on deposits.
It had been reported yesterday evening that some banks would reopen today, with the two largest, Bank of Cyprus and Laiki, likely to remain closed until capital controls were in place to prevent mass withdrawals.
But it emerged later the minister had ordered all banks in the country to remain closed for a further two days.
It is a decision likely to be greeted with annoyance by personal and business account holders alike, many of whom are only allowed withdraw €100 a day.
President Nicos Anastasiades said the central bank would impose some limits on bank transactions today, but did not specify what those limitations would be.
Mr Anastasiades said it was a "very temporary measure, which will gradually be relaxed".
He said: "We have an obligation to stand on our feet to escape the vicious cycle of recession.
"The government is committed to taking specific measures, to be at the side of everyone who will bear the painful consequences."
Mr Anastasiades said that the agreement was painful, but "under the circumstances, the best we could secure".
An initial plan that would seize up to 10% of people's bank accounts had angered depositors and was soundly rejected by parliament.
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