ECB approves BoG plan for relaxation of capital controls

22 July 2016
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The governing board of the European Central Bank convened on Thursday and approved the Bank of Greece’s request to lift certain capital controls.

As such, there will be no withdrawal restrictions for new deposits in cash. It has not been clarified if these funds can then be sent overseas. Additionally bank customers will be able to withdraw up to 840 euros every two weeks.

The cash withdrawal limit on available funds from abroad will increase from 10% to 30%, while all restrictions on the repayment of loans will also be lifted. The plan involves increasing the limits of cards when used abroad, while facilitations will be made for online shopping.

Finally, the plans also raise caps and limitations to facilitate businesses in Greece that make imports.

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