The government appointed as his replacement Harris Georgiades, who had been labor minister and deputy finance minister. Mr. Georgiades will be sworn in on Wednesday, a government statement said.
Mr. Sarris also said the Cypriot government hoped to ease capital controls as soon as possible but did not say when that might happen.
The island nation earlier on Tuesday announced a partial relaxation of currency controls that were introduced when banks reopened on March 28 after a two-week shutdown while the government negotiated a 10 billion euro ($12.85 billion) bailout.
Under the terms of the deal, which was finalized earlier on Tuesday, Cyprus will pay an interest rate of 2.5 percent on its rescue loans, with repayment starting in 10 years, a government spokesman said. The loans will repaid over 12 years, Mr. Sarris said.
“We have concluded on a memorandum,” said Christos Stylianides, the government spokesman. “This is a significant development.”
Cyprus will have until 2018 to carry out measures to shore up its finances. Mr. Sarris said financing from lenders would begin in May.
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