Greek Govt Mulls Loosening Capital Controls

In efforts to facilitate business transactions, the Greek government is reportedly considering easing capital controls – in place since June 2015 – by the end of May.

The issue was discussed by Greek authorities during an assessment visit by Greece’s lenders this week as well as with executives from the Hellenic Bank Association and the central bank.

According to local media reports, restrictions to be eased include broadening the limit for business transactions as well as for overseas transfers. The current limit for businesses transactions abroad is set at 100,000 euros per day per customer (requiring relevant invoices and documents).

The latest changes were made in June last year allowing bank account holders in Greece to withdraw a total of 5,000 euros from ATM machines and banks.

Other issues addressed during the meeting included the launch of an e-platform aimed at safeguarding first residence rights as well as measures to reduce non-performing loans.