ECONOMY

Business group welcomes lifting of remaining capital controls

business-group-welcomes-lifting-of-remaining-capital-controls

A group representing Greece’s biggest employers said Monday the government decision to lift the remaining restrictions on the movement of capital removes a “significant burden on the credibility and prospects” of the economy.

The Hellenic Federation of Enterprises (SEV) said it is now up to the government to take advantage of this positive development and implement initiatives and reforms that will boost growth and win the confidence of depositors and investors.

Greece imposed capital controls in June 2015, when the then SYRIZA government was caught up in a dispute with the country's creditors over how to support the economy.

The restrictions have been gradually eased since then. The cap on cash withdrawals was fully lifted in October 2018. But limits on money transfers abroad still remained.