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New relaxation of capital controls is expected

A new relaxation of capital controls is expected, following a suggestion by the Governor of the Bank of Greece, to facilitate the businesses. The main goal is to strengthen the real economy, facilitate the export sector, and stimulate businesses that have encountered serious operational and financial problems.

In particular, changes to the restrictions will make it easier for businesses to open new accounts, and the import limits will be increased.

In any case, the complete relaxation of capital controls will be progressively made on the basis of the Roadmap that has been designed, and will depend on the course of the third assessment and the return of Greece to the markets in the coming period.

The Roadmap provides three phases for the complete lifting of capital controls.

In the first phase increased access to funds. For deposits:

(a) New deposit accounts may be opened;

(b) Increase of take-up limits;

(c) Free drawing of funds drawn from abroad.

For the flow of funds abroad:

a) increase in the transfer limit; 

b) increase in the type of remittances abroad approved by the banks.

Katerina Volakaki

Analog Group

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