Greek Finance Ministry Eases Capital Controls

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The Greek finance ministry announced this week the further relaxation of capital controls which have been in effect since June 2015.

The move is one of the requirements set by Greece’s international lenders for the country’s bailout program.

According to a roadmap drafted by the ministry and the Bank of Greece, capital controls will be scaled back gradually in five stages without however indicating a specific timeframe.

The basic points of the process include:

– the right of individuals or businesses to set up new accounts

– efforts to facilitate the movement of capital at home and abroad

– improved access to liquidity for households and businesses

– cash withdrawals that can reach 2,000 euros per month

– a further increase in the limits for the transfer of capital abroad

– cash withdrawals without restrictions by businesses or individuals from funds transferred abroad.

The final stage will be to restore the free movement of capital abroad and lift all restrictions on trade transactions.