ΒοG study: Use of debit, credit cards to continue even after lifting of capital controls

Wednesday, 08 November 2017 17:42
UPD:17:49
REUTERS/Costas Baltas

The rapid increase in the use of credit and debit cards, even after the complete lifting of capital controls in Greece, will not decrease, according to results in a study released recently by the Bank of Greece (BoG).

In a relevant survey included in the study, 83 percent of respondents said they will continue to use credit and debits cards with the same or even higher rate. The figure, in fact, rises to 93 percent in higher-income brackets.

At the same time, 38 percent of respondents believe that a capital flight will occur, draining deposits from Greek banks, when capital controls are lifted - a result of the shambolic negotiations by the Tsipras government in the first half of 2015. 

At the same time, 79 percent of people queried said that they themselves would not withdraw their deposits from Greek banks once capital controls are fully lifted.

In terms of businesses survey, 44 percent of respondents representing corporate entities said they would transfer at least a portion of their capital outside Greece.

Large businesses, above 50 employees or more, appear more interested in repatriating capital to Greece now held overseas, with 64 percent saying such a development aims to cover operational costs.

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