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Greek central bank governor says he will recommend full lifting of capital controls

Greece central bank governor Yannis Stournaras.

The Bank of Greece will recommend capital controls in the country be fully lifted the soonest possible, central bank governor Yannis Stournaras said on Friday.

Greece imposed capital controls in June 2015 to stem a cash flight from banks as the country teetered on the verge of a financial meltdown during crisis talks with lenders.

“We consider they are no longer of use,” Stournaras told journalists after meeting new Greek Prime Minister Kyriakos Mitsotakis on Friday.

“The Bank of Greece will recommend to the government that they (controls) be fully lifted the soonest possible.”

Restrictions, which started with a limit on cash withdrawals at 60 euros a day, have been gradually eased since then. The cap on cash withdrawals was fully lifted in Oct. 2018, but limits on money transfers abroad still remain.

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