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In an attempt to reduce pressure on the Greek economy, capital controls are partially eased, especially the imports of goods.

After a meeting at the Bank of Greece, Minister of Finance Efklidis Tsakalotos decided the following:

• Shipping companies can withdraw up to €50,000 in cash a day.
• The commission for approval of banking transactions can allow cash withdrawals and limits on the amount withdrawn per day for other sectors as well.
• Approval of capital transfers overseas and cash withdrawal shall be carried out by the banks themselves.
• Carrying up to €2,000 worth of any currency is allowed for individuals when travelling abroad. Foreign nationals are exempt from this restriction.
• A person accompanying someone going abroad for treatment is allowed to withdraw from a bank account and take up to € 2,000 overseas.

The ban on withdrawing cash in Greece and abroad through credit cards issued by Greek banks will remain. Receiving cash, regardless of the currency, against cheques or letters of credit is disallowed. Such funds should be credited to a bank account, which is subject to the existing restrictions on withdrawals.

The changes will take effect from Friday. The daily limit of €60 per person, or a total of €420 per week, will remain.

Stournaras: The import situation is improving

On Friday, we held a meeting with the business community, to discuss what has been done so far, what is the number of approvals vis-a-vis the number of requests, and what to do from now on. That is what Yannis Stournaras, governor of the Bank of Greece, said.

We are not that far from the level of the Greek economy before capital controls, highlighted the banker. We are trying to deal with the problem as best as we can, he added after the meeting, which aimed to facilitate imports and exports related transactions and ease limits on liquidity.

Stournaras emphasised that all issues will be addressed in the next 10 days. He explained that the import permits given so far are close to monthly import levels before the crisis.

The central bank governor also said that they are trying to further ease restrictions. According to him, 70% of decisions have already made by the banks themselves. The limit was raised from €50,000 to €100,000 per customer per day, and thus covers 70% of requests.

The meeting was also attended by the minister of economy, Giorgos Statakis, the deputy finance minister, Dimitris Mardas, the President of the Hellenic Confederation of Commerce & Entrepreneurship.