Capital controls gradually lifted as economy begins to normalize


Students and military conscripts will now be able to open new bank accounts in Greece.

The capital controls that were introduced at the end of June have had a serious impact on the domestic economy, however since the agreement reached with Greece’s international creditors, the severe limitations are gradually being lifted.

As of Thursday, businesses will now be able to directly address their banks for imports up to the value of 5,000 euros. Up to now, they would have to submit an application at the banking transaction approval committee, which has a backlog of 24,000 requests.

Additionally, students and military conscripts will be able to open bank accounts in Greece, in order to transfer up to 2,000 euros per month for expenses. Overseas students are allowed to take 5,000 euros per trimester, or 8,000 euros provided it is for accommodation payments.

Further initiatives that aim to relax the capital controls will be announced over the next few days, in an effort to normalize the financial situation in Greece.