Greece’s creditors reportedly gave the ‘green light’ for a relaxation of capital controls, Monday, upon the request of the Bank of Greece (BoG), Yiannis Stournaras.
Stournaras had heralded the loosening of the strict capital controls during his address in the Greek parliament.
Key features of the upcoming measures include the complete lifting of restrictions on “new money” entering the domestic banking system; complete lifting of banning loan repayments; a rise from 10 to 30% cash withdrawals of free foreign capital; the right to withdraw up to 840 per fortnight.
The goal, in the initial phase, is to facilitate the operations of Greek businesses and the banking liquidity.
There is no restriction on web banking, as long as money flows from one bank account held at a Greek bank to the same bank or to another of the four Greek systemic banks.