Greek Finance Ministry Makes Two Changes to Capital Control Restictions

The Greek Finance Ministry announced two amendments to the existing capital control restrictions that have been imposed in Greece since late June 2015.

The first change concerns payments to banking institutions overseas, the previous 1,800 euro limit for cash payments made to foreign banks by Greek residents has been removed. According to the new rule, Greeks can make cash payments and remittance payments to banks overseas, with which they have accounts, without a restriction on the amount of the payment.

The second change allows Greek citizens and merchants to make payments overseas for business transactions of up to 5,000 euros per day per client. The previous rule in this case did not include the “per day, per client” clause.

On Monday, National Bank of Greece Governor Louka Katseli claimed that capital controls will be eliminated completely by early 2016.