News Greece Greece relaxes capital controls

Greece relaxes capital controls

Greece lifted a ban on taking money out of the country for the first time in two months on Tuesday, allowing Greeks to take out 500 euros a day to go abroad.

The finance ministry's amendments, published in the government gazette overnight Monday to Tuesday, include allowing Greeks to send up to 500 abroad per person per month, and allowing up to 8,000 euros per quarter to be sent to students studying abroad to cover accommodation costs.

Greeks can now also open new bank accounts that will have no withdrawal rights, in order to repay loans, social security contributions or tax debts.

The government restricted banking transactions in late June to prevent a bank run after Prime Minister Alexis Tsipras announced a referendum on creditors' terms for a new bailout.

Source: AP