Greek authorities on Thursday announced the abolition of all restrictions on cash withdrawals and capital movements within the country with the further loosening of capital controls. They also further gradually lifted limitations in the transfer of capital abroad.
Finance Minister Euclid Tsakalotos signed a ministerial decision which lifts all restrictions for any form of cash withdrawal from banks within Greece (starting October 1) and allows cash withdrawals of up to 5,000 euros a month in banks abroad (starting October 1).
The decision also raises the ceiling for the transfer of euro currency or foreign currency abroad from 3,000 euros to 10,000 euros, facilitating transactions of legal entities or professionals abroad in the framework of their business activities by raising the ceiling for cash payments abroad from 40,000 to 100,000 per transaction per customer, per day. The decision also allows the transfer of sums resulting from capital gains from foreign capital invested in Greece, up to 100 pct of the invested capital annually.
The ministry, in an announcement, said this decision was another step in the framework of a road map towards a gradual loosening of capital controls decided in May 15, 2017. The ministry aims to fully abolish all restrictions the soonest possible.