BUSINESS

Lighter capital controls to start Monday

TAGS: Economy, Business, Banking

The further relaxation of capital controls announced recently is due to take effect from Monday, making life easier for regular bank customers and companies doing business abroad.

As of Monday, customers will be able to withdraw 840 euros in one go every two weeks rather than 420 euros every week, as has been the case for the past few months. Customers will also face no restrictions on withdrawals for any money that is currently kept in safe deposit boxes or under mattresses but which they deposit with their bank.

At the moment, only 10 percent of a transfer from abroad can be withdrawn. This will be increased to 30 percent from the beginning of next week. Retail customers will also be able to pay off a loan early, which is something they have not been allowed to do since capital controls were imposed last summer.

As for businesses, the restrictions on the money they can transfer abroad for the purchase of supplies and materials will also be relaxed. The limit per exchange will be increased to 30,000 euros from 20,000, while the committees that approve the transfers will be able to clear total purchases of 480.2 million euros per month as opposed to the current ceiling of 352.3 million.

The ban on Greek credit cards being used for some online transactions with foreign companies, such as for betting, jewelry and donations to charities will remain.

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