Small change to capital controls

The government is considering the introduction of a monthly limit - instead of the existing biweekly one - for cash withdrawals at 1,800 euros in the context of a partial relaxation of capital controls, spokesman Dimitris Tzanakopoulos said on Thursday.

The Hellenic Bank Association also recommends the introduction of a monthly limit in the updated set of proposals it has submitted to the Finance Ministry and the Bank of Greece.

Capping withdrawals at 1,800 euros per month would mean a bank client could only take 21,600 euros out of their account on annual basis while the current limit of 840 euros per 14 days means they can withdraw a maximum of 21,840 euros per year.

However, banks believe that the introduction of a monthly limit would make it easier for depositors to handle their accounts even while reducing their annual limit.

This proposal constitutes a...