Bank of Greece to ask for end to capital controls
Bank of Greece Governor Yannis Stournaras said on Friday he will recommend to the country's government the termination of the capital controls that have applied for over four years, Trend reports Xinhua.
Greece's central banker told reporters after meeting with Prime Minister Kyriakos Mitsotakis that there is no need anymore for the restrictions to the flow of capital, so he would ask the government for the ratification of their abolition, Greek national news agency AMNA reported.
The capital controls were introduced on June 28, 2015, after a bank run that followed the announcement by then prime minister Alexis Tsipras of a referendum a week later on a draft bailout agreement with the eurozone.
Original restrictions included the ban on opening new accounts and forwarding cash abroad, and at first restricted the maximum amount of cash withdrawals to just 60 euros per bank account per day.
Controls were gradually eased and last fall all withdrawal restrictions were abolished; the only controls still in place concern money forwarding to other countries.
Private sector bank deposits in Greece have resumed their recovery in the last few months, growing in May at an annual rate of 5.7 percent, to 135.28 billion euros (152.8 billion U.S. dollars), according to Bank of Greece figures. (1 euro = 1.13 U.S. dollars) Enditem