The finance ministry decision also eliminates limits on opening new accounts, in effect since 2015

Ceiling on cash withdrawals from banks raised to 2,300 euros, as of 1 March

Ceiling on cash withdrawals from banks raised to 2,300 euros, as of 1 March
The finance ministry’s decision to further rollback capital controls was published today in the Government Gazette and will be in effect as of tomorrow, 1 March.

The capital controls were instituted by the Tsipras government in July, 2015, when the ECB cut off liquidity for Greek banks.

The decision raises the ceiling on monthly cash withdrawals from 1,800 euros to 2,300 euros, per customer (customer ID) and per bank, from domestic and foreign banking institutions.

The decision eliminates existing (since 2015) limits on opening new accounts. An account may now be opened by an individual or legal entity. In addition, a co-beneficiary can be added to an account, regardless of whether a new customer ID is created or not.

The ceiling on the amount one can take on travels abroad, in euros or foreign currency, is being raised from 2,000 euros to 2,300 euros, per person and per trip abroad.

The new measures further facilitate the transfer of capital abroad by banking and payment institutions.

The acceptance and execution of capital transfer orders abroad will be up to 2,000 euros per customer ID, and per two calendar months.

The decision published today is another step in the roadmap toward the gradual easing of capital controls, regarding withdrawals and transfers of capital.