Greek Finance Minister Euclid Tsakalotos approved the further relaxation of capital controls on Friday in efforts to boost confidence in the country’s banking system and pave the way for new deposits.
Main changes to capital restrictions below:
- The cash withdrawal limit is now 840 euros every two weeks.
- Depositors can now withdraw money for advance, partial or total loan repayments.
- Cash withdrawals of up to 100 percent can be made from accounts opened after July 22, 2016.
- Under certain conditions, 30 percent of cash deposits can be withdrawn from foreign bank deposits transferred to existing Greek accounts after July 22, 2016.
- Students participating in Erasmus exchange programs can open savings accounts for the current academic year.
- Senior citizens who are residents abroad can now open new accounts for the deposit of their pension benefits in Greece.
- In certain cases, pension payments or benefits are allowed to be made in banks abroad by social welfare bodies if foreseen by Greek law.