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Thursday, August 6, 2015

Remittances from Filipino in Greece Possible will open after August 20-Athens stock market loses further 3.6%, Greek banks down sharply

The money transfer companies in Greece temporarily suspended its services for  more a month of capital controls in Greece on June 29, after the closure of banks and imposing capital controls with the law -Article # ΓΔΟΠ0001027ΕΞ 2015/ΧΠ 2364/24-7-2015 Ministerial Decree of the Minister of Finance of Greece (Gov’t Gazette B’1561)

A bailout worth up to 86 billion euros ($94.5 billion), needs to be settled by Aug. 20 if Greece is to pay off debt of 3.5 billion euros to the European Central Bank that matures on that day, said the Greek finance and economic minister to tsismosaonline.com reporter.

After a meeting at the Bank of Greece, Minister of Finance Efklidis Tsakalotos decided the following:

Shipping companies can withdraw up to €50,000 in cash a day.
The commission for approval of banking transactions can allow cash withdrawals and limits on the amount withdrawn per day for other sectors as well.
Approval of capital transfers overseas and cash withdrawal shall be carried out by the banks themselves.
Carrying up to €2,000 worth of any currency is allowed for individuals when travelling abroad. Foreign nationals are exempt from this restriction.
A person accompanying someone going abroad for treatment is allowed to withdraw from a bank account and take up to € 2,000 overseas.
The ban on withdrawing cash in Greece and abroad through credit cards issued by Greek banks will remain. Receiving cash, regardless of the currency, against cheques or letters of credit is disallowed. Such funds should be credited to a bank account, which is subject to the existing restrictions on withdrawals.

 The daily limit of €60 per person, or a total of €420 per week, will remain.

In the Philippines. The Top 10 sources of remittances from Filipino sailors in the first semester were the United States ($1.326 billion), United Kingdom ($237.583 million), Germany ($194.844 million), Norway ($183.529 million), Japan ($149.295 million),  Greece ($141.452 million), Hong Kong ($123.084 million), Singapore ($110.194 million), The Netherlands ($45.726 million), and Italy ($23.511 million).
The $223-million jump in remittances from sailors accounted for 36 percent of the aggregate increase in cash transfers from all overseas Filipino workers (OFWs),  both land- and sea-based, in the first semester. 
The Bangko Sentral ng Pilipinas previously reported that remittances from all OFWs hit $11.421 billion from January to June, higher by $621 million, or 5.75 percent, versus the $10.800 billion that they sent home over the same semester in 2013.

In Greece. The Athens stock exchange is once again in the red, for the third day running since reopening on Monday following a five-week suspension. It has lost 3.6%, with the banks posting further sharp falls.

Piraeus Bank -29.59%

Alpha BAnk -29.56%

Eurobank -26.76%

Attica Bank -16.67%

National Bank of Greece -15.14%

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