BUSINESS

Greek PM to announce full lifting of capital controls

TAGS: Banking, Economy

Greek Prime Minister Kyriakos Mitsotakis is on Monday to announce the full lifting of capital controls, which had been expected next month, during a speech in Parliament. 

Earlier in the day, officials of the Finance Ministry had convened with members of the country's banks and the capital markets commission.

Bank of Greece Governor Yannis Stournaras had recommended that the final restrictions be lifted after observing a continuing increase in bank deposits. 

One of the key aims of the abolition of all restrictions is Greece's upgrading by credit agencies, a move that will boost investor interest in Greece. 

While lowering the cost of the country's borrowing, such a move would also allow it to participate in the European Central Bank's quantitative easing scheme. 

Capital controls were imposed on Greek banks in the summer of 2015 to curb a cash flight as the country reached the verge of a financial meltdown during crisis talks with its international lenders. 

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