The new president of the Hellenic Capital Market Commission Charalambos Gotsis has announced that the capital controls imposed on stock exchange transactions will soon be lifted.
Speaking to reporters, he said a ministerial decision has already been signed and will be put in force immediately.
Discrimination removal
“In this way, local investors will be able to buy shares with new and old money… removing the discrimination between domestic and foreign investors,” Gotsis added .
Domestic investors were barred from withdrawing money from a deposit account to buy securities as part of capital controls imposed in June to stem deposit flight from Greek banks.
They could only buy shares with “new money” brought from abroad, cash they held at home or in a deposit box, or from new bank accounts opened after a previous stock market rule was issued late in July.
“However if domestic investors sell the shares, they cannot export the money,” Gotsis told Reuters in a telephone interview.
Short selling bank shares
Additionally, the new HCMC president announced that the ban on short selling bank shares will be extended at last until the 20th of December.
He also told journalists that in conjunction with the Athens Stock Exchange, motives will be given for new companies to enter the stock market and support the real economy and noted that he intends to set up a corporate bond market.
The relevant ministerial decision has been signed and will soon by published in the Government Gazette.
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