ECONOMY

Limits increased for transactions abroad

limits-increased-for-transactions-abroad

The daily limit for banks’ business transactions abroad will be increasing from 5 to 7 million euros, the Banking Transactions Approval Committee has said, indicating a positive step toward the relaxing of capital controls.

In a separate decision, the monthly maximum overseas transfer limit for institutions has been set at 40 million euros, while the threshold for similar transactions by individuals is 500 euros a month.

Increasing the daily transfer limit is expected to give some breathing room to businesses and the Ministry of Finance is working toward a limit of 20,000 euros for imports, without lengthy procedures required for approval from the banks. This limit currently stands at 10,000 euros, and businesses have been appealing for its increase.

The limit for carrying cash abroad remains at 2,000 euros per individual per trip. A maximum of 5,000 euros per calendar quarter is allowed for covering the cost of living for students studying abroad. According to the latest data, the approval rate by the committee for transactions stands at around 60 percent.