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New Greek Ministerial Decision Regulating Capital Controls Issues

capital708_6A new ministerial decision regulating certain problems that emerged after capital controls were imposed on Greek banks, will facilitate money transfers for businesses. However, the decision did not include measures about checks.
According to a senior official in the Greek Finance Ministry, the checks issue will be dealt with before their 8-day expiration, through a special decision that will be issued “no later than Monday.”
The current ministerial decision, regulates certain technical and substantive flaws of the last legislative act such as:
Cash withdrawals with credit or prepaid cards in Greece or abroad are prohibited, but only if these cards have been issued by Greek banks. Furthermore, Greek citizens will be able to transfer up to 2,000 euros in cash, during their trips abroad. This restriction overrides the general prohibition which caused problems for people traveling abroad.
Shipping companies will be able to transfer up to 50,000 euros per days between Greek and foreign banks, while companies in several other business sectors will also be able to do the same, provided that their transactions have been approved by the Committee for the Approval of Bank Transactions. The banks will be responsible for any documentation regarding this transaction cycle
Finally, people whose pensions or welfare benefits used to be credited to foreign bank accounts, will be able to receive the money, in the same way as before the Greek bank holiday.

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