Fresh capital control easing pondered

The government is planning to further relax the capital controls it imposed almost four years ago by the end of the month in a bid to make is easier for businesses to conduct transactions. The easing of restrictions was discussed in a meeting between creditors’ mission chiefs and the leadership of the Finance Ministry, the Bank of Greece and the Hellenic Bank Association on Tuesday.

Sources say the government intends to take another step toward ending restrictions by expanding the amount permitted for international corporate transactions and possibly for money forwarded by individuals to other countries.

Currently, business can carry out international transactions worth up to 100,000 euros per customer per day, after supplying the necessary invoices and documents. These transactions are processed directly through the banks’ branches and count toward the weekly limit the ministry allows each bank. The government intends to expand this limit too.

Tuesday’s meetings with the mission chiefs also focused on the expected online platform for the protection of borrowers’ primary residences and the two instruments for the reduction of bad loans through their securitization.