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Report: Greece to lift remaining capital controls Sept. 1

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Report: Greece to lift remaining capital controls Sept. 1

Greece will lift the last of its capital controls as the country's economic recovery continues after multiple international bailouts since 2010, Reuters reported Aug. 26, citing Prime Minister Kyriakos Mitsotakis.

Finance Minister Christos Staikouras told lawmakers that he would submit legislation related to ending the restrictions, effective Sept. 1, the report added.

The capital controls were introduced in 2015 to prevent a bank run after the European Central Bank declined to lift a cap on emergency liquidity assistance provided to lenders by the Bank of Greece SA. While limits on cash withdrawals — initially at €60 per day — were fully lifted in October 2018, restrictions on cash transfers abroad remain in place.

Greek central bank Governor Yannis Stournaras told the news wire that the move "marks a return to normality and growing confidence."