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Greece to lift controls on domestic cash withdrawals

Greece to lift controls on domestic cash withdrawals

A limit on cash withdrawals imposed in 2015 when Greece risked leaving the eurozone will be lifted from next week, the finance ministry said Thursday.

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28.09.2018 04:01 PM

A limit on cash withdrawals imposed in 2015 when Greece risked leaving the eurozone will be lifted from next week, the finance ministry said Thursday.

"All forms of cash withdrawals from institutions in Greece are allowed without restriction as of October 1," the ministry said in a statement.

However, restrictions remain on bank transfers abroad, with the limit raised to 10,000 euros ($11,600) from 3,000 euros currently, it added.

Businesses will also be able to make transfers of 100,000 euros per transaction, from 40,000 euros currently.

The capital controls measure, initially limiting cash withdrawals to 420 euros per week, was imposed in July 2015 to prevent a bank run as new Prime Minister Alexis Tsipras clashed with the country's creditors over plans to eliminate austerity.

Until a compromise was reached, there was a real chance of Greece leaving the euro.

The limits choked consumption, imports and exports, and were followed by the shutdown of thousands of businesses.

The restrictions were gradually relaxed as economic conditions improved. Greeks are currently able to draw up to 5,000 euros a month.
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