End of capital controls for stocks in Athens Exchange

End of capital controls for stocks in Athens Exchange

Athens, December 8, 2015/Independent Balkan News Agency

By Olga Mavrou

The Ministerial Decision that lifts capital controls for those who want to invest in stocks was published officially  in the government gazette. The new rule excludes from capital controls those who want to withdraw money from their bank accounts in order to invest in stocks in Athens Stock Exchange. This eliminates the discrimination between Greeks and foreign investors.

The capital controls imposed last June obliged those interested in buying stocks, to use either cash they had at home or use a new account (an account they opened in a greek bank after July, when stock-friendly  rule was passed, which allowed  withdrawals for shareholders). Still, even if a Greek sells his shares, he is not allowed to transfer his money to foreign banks abroad.