Cyprus expects to lift almost all currency controls early next year, although restrictions will remain on individuals shifting funds out of the country, Finance Minister Harris Georgiades said on Monday.
Separately, central bank governor Panicos Demetriades said the island's banks were likely to make further losses in 2014 as the economy worsens and non-performing loans rise, but that the sector has enough capital to cope.
Cyprus imposed currency controls in March - a first for the euro zone - to prevent a bank run after savers were forced by the country's international bailout to recapitalize a major lender with their own funds and a second bank was closed down.
(Read More: Cyprus on track but bank concerns remain: IMF)
Georgiades told parliament's finance committee that based on a roadmap for the restructuring of the Cypriot banking system, most controls would be lifted "before the spring" of 2014.
"That (roadmap) brings us to the first months of 2014 in lifting all restrictive measures with the exception of one ... transferring money from an account here to an account abroad," he said.
Individuals will for the foreseeable future still have to demonstrate that such transfers are for specific business reasons, the finance minister added. "That will be the last (control to be lifted), and it is not related to any roadmap."
Cyprus has been gradually easing restrictions on money movements since March. There is still a ban on the use of cheques, a restriction on individuals withdrawing more than 300 euros in cash daily and a freeze on breaking time deposits, while transactions over certain limits must be vetted.
But despite the restrictions - regulations are more lax for foreign-owned banks - the system has been bleeding deposits.
Based on latest ECB data, private-sector deposits fell 2.1 percent in August and have lost 30 percent overall in the past 15 months.