Thursday, May 31, 2018

Greece eases capital controls ahead of expected bailout exit in August

by Kerin Hope

Financial Times

May 31, 2018

Greece plans to increase the monthly limit on cash withdrawals from local bank accounts to €5,000 from €2,300 as part of measures to ease capital controls ahead of the country’s expected exit in August from its current bailout programme.

The finance ministry said the measures were “another step on the road to a full relaxation of capital controls”. They would take effect in June.

Capital controls were imposed in June 2015 when fears that Greece was about to crash out of the euro prompted a run on the country’s banks.

Under the latest regulations, bank customers will be able to transfer €4,000 bi-monthly to accounts abroad and take up to 3,000 in euros or foreign currency in banknotes on trips outside Greece.


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