Government considers exempting new deposits from capital controls

13 May 2016
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Plans are being drafted in order to exclude new bank deposits from the capital controls which were imposed last summer, in an effort to boost domestic businesses – especially in the tourist sector – and to encourage the return of capital.

The government is preparing these plans at the recommendation of the European Commission. Such an exemption was also introduced in Cyprus when capital controls were imposed and is estimated to have greatly benefited the country’s recovery.

Although there has been a relaxation of some of the capital controls introduced in Greece in the summer of 2015, many still remain in place and affect the operation of businesses.

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