Capital controls continue to ease, in addition to business, according to decision by the Finance Minister, which published on Thursday in the Government Gazette.

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Based on the above decision, the following facilities are offered to individuals as well as to businesses:

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• From 1 September 2017 onwards, the cash withdrawal threshold is increased to the sum of EUR 1.800 cumulatively for one month.

• Companies with legal personality are permitted to open a sight or deposit account with a credit institution, through the creation of a new Customer ID, regardless of the existence of another available account of which they are eligible.

• It is allowed to open a bank account to professional farmers, if no other bank account is already in place.

• A wage bill may be opened by a worker in another credit institution other than the one in which he already holds an account if the new employer pays the salary to a different credit institution than the employee holds the account.

• An account may be opened by a natural person to deposit the maturity of an insurance policy or indemnity from an insurance company, if he / she does not already have an account with a credit institution.

• It is permissible to open a special, non-takeover, unprofitable professional bank account of electronic auctions.

• An authorized shipping company is allowed to transfer a specific cash amount to a foreign country, for cash requirements to the competent customs authority.

• In addition to the above, cash withdrawals of up to 50% in total, from funds which, after 1 September 2017, are transferred from abroad by credit transfer to existing accounts held with a credit institution in Greece through a procedure Designated by the Banking Commission for Approval.

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Katerina Volakaki

Analog Group