Greek Prime Minister Kyriakos Mitsotakis announced the full lifting of capital controls during his speech in Greek parliament on Monday.
This move signals the Greek economy’s continuation on the path towards stability after three international bailouts since 2010.
The capital controls had been imposed in June 2015 following a referendum where Greeks rejected the bailout (though this was imposed anyway). At the time banks were bleeding cash.
“Capital controls are now in the past,” Mr Mitsotakis said.
Greek Finance Minister Christos Staikouras told parliamentarians that a “destabilising factor, an instability factor for the banking system is lifted” with the end of capital controls and the emergence of Greece from its third and last bailout in August last year. Private sector deposits have also been returning to the banking system.
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The amendment lifting capital controls was supported with the votes of all parties except the Communist Party, which voted ‘present’. The capital controls will be abolished from 1 September.
“It marks a return to normality and growing confidence,” Bank of Greece Governor Yannis Stournaras told Reuters.