The bank holiday and the capital controls managed to contain the deposit outflows and the capital flight. The ensuing distortions in the capital market, as well as in the goods and services markets, have had indirect repercussions that cannot be precisely assessed as yet. On a positive note, however, capital controls have encouraged the use of electronic money.
There is already strong evidence that the widespread use of e-money has supported private consumption and tax revenue, by reducing the informal economy. Thus, one first policy implication is that the use of e-money needs to be strengthened further, through appropriate, mainly tax-related, incentives.