Further loosening of 2015-era capital controls in Greece announced

Friday, 04 August 2017 11:58
UPD:12:02
REUTERS/CHRISTIAN HARTMANN

By Th. Adamopoulos
tadam@naftemporiki.gr

A further loosening of capital controls in Greece is envisioned as of Sept. 1, as a relevant decision was published in the government gazette this week. The unprecedented measure of capital controls - as far as a Euro zone member-state is concerned - is a leftover from the shambolic negotiations by the Greek government with creditors in the first half of 2015.

According to the decision, signed by relevant FinMin Euclid Tsakalotos, up to 1,800 euros in previously held deposits - new deposits are excluded from capital controls - can be withdrawn as cash every month. The cash can also be withdrawn with one transaction. The current limit, 840 euros every 14 days translates into 1,680 euros every 28 days.

Restrictions, also dating from the summer of 2015, over the opening of new customer IDs for Greece-based businesses are also loosened.

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