Further easing of capital controls announced

Further easing of capital controls announced

Restrictions on individuals opening a bank account unless they already have one, as well as the addition of another person to an existing account, and the ban on unfreezing inactive accounts were the three main changes introduced by the capital controls as far as individuals are concerned, according to a decision by Finance Minister Euclid Tsakalotos.

For new bank clients to open an account, they will need to produce a declaration that they do not have an account at another credit institution, so that a new customer ID can be created.

The unfreezing of inactive accounts means that the time resumes counting toward the 20-year landmark, after which the contents of an account become property of the state. This means that holders of such accounts will need to reactivate their accounts at their bank.

The decision, published on Tuesday in the Government Gazette, also allows for the withdrawal of the entire amount of money deposited in a local bank from abroad, against 50 percent of it today.

The easing measures also include increasing the limit of international transactions that an enterprise can make per day from 10,000 to 20,000 euros.

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