Tuesday, 9 June 2015

Iceland set ‘to end capital controls’

In World Economy News 09/06/2015

Iceland is expected to announce later the end of capital controls following a vote in parliament to tighten financial regulations.
These include restrictions on money made using funds from failed banks.
Capital controls, such as measures to restrict money flowing in and out of the country, were imposed seven years ago after the country’s three biggest banks collapsed.
The government thinks the economy has recovered sufficiently to end controls.
It has called a media conference for Monday afternoon, in which it is expected to announce the winding down of controls, reports suggest.
The government imposed the controls in 2008 after the collapse of the country’s three biggest banks – Glitnir, Landsbanki and Kaupthing – saw Iceland’s national currency, the krona, plunge in value.
Foreign currency for holidays abroad is still tightly controlled.

Source: BBC