Govt orders state entities to transfer cash reserves to central bank by March 1

29 January 2019
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With the Greek state’s latest foray into money markets for its post-bailout borrowing needs, a decision by the finance ministry was published on Monday ordering all state entities to transfer their reserves to a special account at the Bank of Greece (BoG).

The move essentially aims to boost a more than 25-billion-euro “cash cushion” accumulated by the Greek state – from unused bailout loans extended by institutional creditors from the third memorandum – to more than 40 billion euros.

General government entities – organizations, agencies, utilities etc – are given 30 days to transfer their reserves, based on a decision published in the government gazette, signed by Alternate Finance Minister Giorgos Chouliarakis.

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