The European Commission said today that it will closely monitor capital controls introduced by Cyprus, as the newly-bailed out country prepares to re-open its banks after nearly two weeks. The Commission said in a statement, that while the imposed restrictive measures appear to be necessary in the current circumstances, the free movement of capital should be reinstated as soon as possible, in the interests of the Cypriot economy and the European Union's single market as a whole. Armed security guards were posted at Cyprus banks today, ahead of their mid-day reopening, after an unprecedented 12-day lockdown, but there was no sign of customers queuing early for access to their cash. Tight restrictions are in place to prevent a run on deposits, with daily withdrawals limited to 300 euros. Under a deal agreed in Brussels on Monday, Cyprus must raise 5.8 billion euros to qualify for a 10-billion-euro bailout from the troika of the European Union, European Central Bank and IMF.