EASING OF CAPITAL CONTROLS : CHANGES, JULY – AUGUST 2016

Modifications on the constraints imposed upon cash withdrawals and capital transfers have been decided by the Greek Ministry of Finance, by a Ministerial Decision signed by Euclid Tsakalotos  and published in the Government Gazette No. 2282/B/22.7.2016 http://www.bankofgreece.gr/BoGDocuments/ΦΕΚ_Β_2282-22.7.2016.pdf).

The following provisions, among others, are included in this new Ministerial Decision:

•Cash withdrawals will be allowed to a maximum of eight hundred forty Euros (€840) per person every two weeks.

•full or partial premature repayment of loans and liquidation of an active bank term deposit before its maturity date will be allowed

•“new cash” deposited on behalf of legal persons and individuals in Greek banks after 22.7.2016 would be free of any limit on withdrawals

•Cash withdrawal of amounts deposited from abroad by transfer credit to existing bank accounts in Greek banks after 22.7.2016 would be allowed up to a maximum total of 30%

Changes and restrictions to cash withdrawal and capital controls as they have been modified and are in force are presented in detail in a questions/answers format in the Hellenic Bank Association website http://www.hba.gr

Source: Hellenic Bank Association