Greek Finance Minister Signs Decree Easing Capital Controls
Tuesday’s decision of the Greek finance minister was taken within the framework of the road map on the gradual relaxation of capital control measures, adopted by the Greek finance ministry on May 17, 2017.
Minister of Productive Reconstruction, Environment and Energy Panagiotis Lafazanis arrives for a cabinet meeting at the parliament in Athens May 12, 2015
According to the new regulations, Greek residents will be able to withdraw 100 percent of money transferred from abroad to current accounts opened in Greek credit institutions after December 1, 2017. Currently, it is allowed to withdraw only 50 percent of the newly transferred funds.
The decree also permitted to open bank accounts for those individuals who had not have an account.
In June 2015, the Greek government introduced capital controls due to an acute financial crisis and a massive money withdrawal. The limits of 60 euros per day and 420 euros per week on cash withdrawal were set up in banks alongside with restrictions imposed on the transfer of funds. A considerable part of limitations on the banking operations was lifted in late December 2015, while a number of measures remained in place.
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