Bank of Greece to free required forex depos in Jan

The Bank of Greece said on Tuesday it will gradually lift current regulations requiring the partial redeposit of bank foreign currency depos with it, starting in January.

Under current regulations about 60% of bank forex deposits had to be redeposited with the central bank.Tuesday's monetary policy council decision will free 50% of Eurozone currencies on January 3, with the remainder freed on March 28. Balances during the interim period will earn interest equal to the ECB's refi rate.

The central bank said the measure aligns Greece's regime with that of the European Central Bank. As regards bank deposits in currencies other than those of the Eurozone, the Bank of Greece will free 10% on January 3 with the remainder kept in time deposits of three-, nine-, and 15-month maturities earning libor plus 0.25%.

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