All restrictions on cash withdrawals will be lifted as of Oct. 1, the Greek Finance Ministry announced on Thursday, and other restrictions in the flow of capital will also be eased ahead of a forthcoming end to capital controls in the Greek credit system.
The ministry confirmed that as of next Monday the limit of 5,000 euros (5,870 U.S. dollars) per month for withdrawals from banks in Greece is lifted. Meanwhile, withdrawals abroad from Greek bank accounts will have a limit of 5,000 euros.
The limit on the amount of cash that can be carried abroad in euros or foreign currencies is raised from 3,000 to 10,000 euros per person per trip.
At the same time, the ministry is lifting the ceiling on the amount that professionals or corporations may forward abroad for their professional activities directly via Greek banks from 40,000 to 100,000 euros.
Companies and individuals will also be able to transfer abroad any earnings or dividends originating from funds brought from other countries and invested in Greece, up to 100 percent of the invested capital per calendar year.
The ministry announced that this decision forms part of the roadmap to the full lifting of controls that is expected by the end of 2018 or in early 2019, according to local media.
"Authorities are aiming to fully lift the restrictions as soon as possible, securing at the same time the credit and macroeconomic stability," read the ministry's statement.
Capital controls were introduced in Greece in the summer of 2015 after the government called a referendum regarding the terms of a third bailout agreement with Greece's eurozone peers. The bailout program was concluded last month. (1 euro = 1.17 U.S. dollars)
The ministry confirmed that as of next Monday the limit of 5,000 euros (5,870 U.S. dollars) per month for withdrawals from banks in Greece is lifted. Meanwhile, withdrawals abroad from Greek bank accounts will have a limit of 5,000 euros.
The limit on the amount of cash that can be carried abroad in euros or foreign currencies is raised from 3,000 to 10,000 euros per person per trip.
At the same time, the ministry is lifting the ceiling on the amount that professionals or corporations may forward abroad for their professional activities directly via Greek banks from 40,000 to 100,000 euros.
Companies and individuals will also be able to transfer abroad any earnings or dividends originating from funds brought from other countries and invested in Greece, up to 100 percent of the invested capital per calendar year.
The ministry announced that this decision forms part of the roadmap to the full lifting of controls that is expected by the end of 2018 or in early 2019, according to local media.
"Authorities are aiming to fully lift the restrictions as soon as possible, securing at the same time the credit and macroeconomic stability," read the ministry's statement.
Capital controls were introduced in Greece in the summer of 2015 after the government called a referendum regarding the terms of a third bailout agreement with Greece's eurozone peers. The bailout program was concluded last month. (1 euro = 1.17 U.S. dollars)
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