Greek government further loosens capital controls-Μonthly withdrawal ceiling to 2,300 euros

A man receives several 50 euro bank notes from an ATM in this illustration picture taken in Zurich January 16, 2015. REUTERS/Arnd Wiegmann

The Greek government on Wednesday announced a further loosening of capital controls in the country, with more significant changes including the lifting of restrictions in opening new bank accounts and raising the monthly withdrawal ceiling to 2,300 euros.

A decision by Finance Minister Euclid Tsakalotos, published on the government gazzette, said that from March 1 all restrictions in opening new bank accounts are lifted, the monthly cash withdrawal ceiling is raised from 1,800 to 2,300 euros and the transfer of euros or other foreign currencies abroad is allowed up to 2,300 euros (from 2,000 euros currently). Also, transfers of capital abroad by credit institutions and payment institutions are further facilitated.

The Greek government aims to fully lift all remaining capital controls the soonest possible to safeguard financial and macro-economic stability in the country.