Last of capital controls to be addressed by BoG chief, banks

Lifting the last of the capital controls is expected to be at the focus of talks on Friday between Bank of Greece Governor Yannis Stournaras and the heads of the country’s credit sector.

The final steps to abolishing capital controls completely mainly involve the transfer of funds outside of Greece, one of the key pillars of the restrictions imposed to curb capital flight and therefore requiring approval from the competent Finance Ministry committee.

Friday’s talks are expected to address the impact on business activity from the restrictions, particularly the additional costs incurred by businesses and banks as a result of the capital controls.

Greece imposed capital controls in the summer of 2015 after the European Central Bank refused to increase emergency funding to the country’s banks following a breakdown of bailout talks between Athens and foreign creditors.

Source EKATHIMERINI
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