Capital controls lifted on October 1

27 September 2018
206 Views

The Greek Finance Ministry has issued a decision easing the capital controls starting from October 1. According to the decision by Finance Minister Euclid Tsakalotos, which was published today in the Government Gazette, the maximum ceiling on cash withdrawals from Greek banks is abolished as of the 1st of October 2018.

Thus, from € 60 per day in the summer of 2015 or € 5,000 a month that has been in force for a few months, next week there will be no limitation on withdrawals.

With the decision, the two pillars of the capital control roadmap have now been completely scrapped, thus freeing cash withdrawals and capital movements within the country, while gradually removing the third pillar regarding the transfer of capital abroad.

Transfers of foreign-funded earnings and dividends that are invested in Greece will be permitted after the publication of the decision.

From October 1, cash withdrawals up to the amount of € 5,000 per month from institutions abroad are allowed.

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