Revenues from shipping in Greece fell 60% in July

Revenues from shipping in Greece fell 60% in July

Inflows of foreign currency into Greece fell by 60% during July, the first full month in which capital controls were instated in the country, according to data from the Bank of Greece.

Remittances from abroad totalled €470.7m during July, way down on the €1.17bn recorded a year earlier.

Ekathimerini reports that a number of shipping companies were forced to return revenues from chartering and ship transactions to foreign accounts in order to meet capital-control obligations.

The current account balance and the liquidity of Greek banks are likely to be significantly impacted by the country’s capital controls.

Credit sector sources told the newspaper that July will likely prove to be the month with the smallest decline in revenues after the imposition of the capital controls at the end of June.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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