Financial Repression Tracker

Rules that steer savings into government debt or hold returns below inflation, country by country.

Rewrite · Extraordinary measures

Deposit freezes, bank holidays and cash-withdrawal limits

What it is
Emergency decrees that close banks, cap cash withdrawals or block (reprogram) deposits for months or years, usually paired with bans on transfers abroad.
Why it counts
Savers cannot exit deposits into cash, foreign currency or foreign accounts, so their balances can be eroded by inflation, devaluation or later conversion while the banking system and state keep the funding.

When it was in force

  • Argentina: 2001, historical; its end is not documented
  • Brazil: 1990 → 1992, historical
  • Greece: 2015, historical; its end is not documented
  • Cyprus: 2013, historical; its end is not documented

4 examples

  1. Argentina

    2001Historical

    Its end is not documented · As cited: from 1 December 2001

    Limited cash withdrawals to 250 pesos or dollars per week per account holder and banned most transfers abroad.

    Decreto 1570/2001 ("corralito")Primary source
    “Los retiros en efectivo que superen los PESOS DOSCIENTOS CINCUENTA ($ 250) o DOLARES ESTADOUNIDENSES DOSCIENTOS CINCUENTA (U$S 250) por semana”

    servicios.infoleg.gob.ar (opens in a new tab)Checked: quote matched on the page by script

    Argentina today: index 40.1

  2. Brazil

    1990 → 1992Historical

    Only NCz$ 50,000 of each sight deposit and savings account was converted to the new cruzeiro; the excess was blocked and repaid from September 1991 in twelve instalments.

    Lei 8.024/1990 (conversion of MP 168/1990, Plano Collor), arts. 5-6Primary source
    “As quantias que excederem o limite fixado no caput deste artigo serão convertidas, a partir de 16 de setembro de 1991, em doze parcelas mensais iguais e sucessivas.”

    planalto.gov.br (opens in a new tab)Checked: quote matched on the page by script

    Brazil today: index 49.9

  3. Greece

    2015Historical

    Its end is not documented · As cited: from 28 June 2015

    Declared a short-term bank holiday from 28 June 2015 and capped ATM cash withdrawals at 60 euros per card per day.

    Act of Legislative Content of 28 June 2015 "Short-term bank holiday" (Gov. Gazette A 65), ratified by Law 4350/2015, art. 1Secondary source
    “Αναλήψεις μετρητών από τις αυτόματες ταμειολογιστικές μηχανές, υποκείμενες σε ημερήσιο όριο ανά κάρτα το οποίο ορίζεται σε 60 ευρώ”

    taxheaven.gr (opens in a new tab)Checked: quote confirmed on the page by a reviewing agent

    Greece today: index 44.0

  4. Cyprus

    2013Historical

    Its end is not documented · As cited: March 2013 initial emergency regime

    Withdrawals were initially restricted to €300 daily per person per credit institution, and cheque cashing was prohibited.

    Enforcement of Restrictive Measures on Transactions in case of Emergency Law 2013 and implementing decree announced 28 MarchPrimary source
    “The maximum amount of cash withdrawal shall not exceed €300 daily”

    centralbank.cy (opens in a new tab)Checked: quote matched on the page by script

    Cyprus today: index 44.0

Examples and their dates reviewed .