Capital controls

Easier to buy foreign currency in Iceland from 1 January

14 Oct 2016 From 1 January next year, the general public in Iceland will no longer be required to produce proof of foreign travel abroad in order to withdraw foreign currency at banks.

Bjarni Benediktsson, Iceland's Finance Minister.

“Iceland’s króna will never be a full free-floating currency”

25 Aug 2016 Even after capital controls on the Iceland króna have been lifted, it is unlikely that it will ever again be a full, free-floating currency, Iceland’s Finance Minister has admitted.

Bjarni Benediktsson fjármálaráðherra.

Krónunni ekki aftur fleytt að fullu

25 Aug 2016 Íslensku krónunni verður líklega aldrei aftur fleytt að fullu, að sögn Bjarna Benediktssonar fjármálaráðherra.

Governor of the Central Bank of Iceland Már Guðmundsson (left), Finance Minister Bjarni Benediktsson (centre) and PM Sigurður Ingi Jóhannsson (right) at yesterday's press conference.

New legislation to significantly relax Iceland capital controls

17 Aug 2016 PM Sigurður Ingi Jóhannsson and Finance Minister Bjarni Benediktsson announced the new plans at a press conference yesterday afternoon held at the Icelandic Ministry of Finance and Economic Affairs.

Már Guðmundsson, Governor of the Central Bank of Iceland.

Iceland Central Bank eyes autumn for lifting capital controls

1 Jun 2016 Governor of the Central Bank of Iceland Már Guðmundsson has announced that “the objective is to be able to take decisive steps in lifting capital controls this autumn”.

Iceland passes new capital controls legislation

23 May 2016 The ‘offshore króna’ bill is the second stage of a multi-phase strategy to lift Iceland’s capital controls.

Már Guðmundsson, Governor of the Central Bank of Iceland.

“Now is the time to scrap capital controls in Iceland”

25 Apr 2016 Iceland will not get a better chance to successfully lift capital controls than now, the Head of the Central Bank of Iceland has told Icelandic MPs.

Photo:ðar Kristjánsson

Iceland króna to strengthen after capital controls

1 Apr 2016 Despite an initial period of uncertainty, the Icelandic króna is more likely to strengthen rather than weaken after capital controls are lifted, say analysts.

Icelandic króna (ISK).

Iceland to come out of capital controls in 2016

18 Mar 2016 An auction of offshore ISK is planned for the first half of this year, after which capital controls can be lifted, Icelandic Finance Minister Bjarni Benediktsson has announced.

Már Guðmundsson, Head of the Central Bank of Iceland.

Big news on Iceland’s capital controls tomorrow?

16 Mar 2016 Head of the Central Bank of Iceland Már Guðmundsson has hinted at a big announcement regarding the lifting of capital controls in Iceland at the Bank’s AGM tomorrow.

Bjarni Benediktsson, Icelandic Finance Minister.

Capital controls lifted early 2016?

5 Nov 2015 A currency auction for offshore Icelandic krónur (ISK) is planned for January. It should be possible to open up all business via conventional trade instruments relatively quickly after that.

Icelandic PM and Finance Minister announcing plans to lift capital controls last month.

Capital controls plan enjoys wide support

21 Jul 2015 71% of respondents indicated that they were happy with the plan, while just over 4% said they were unhappy.

CEO of GAMMA, Gísli Hauksson.

Icelandic financial firm opens UK office

15 Jun 2015 Icelandic fund-management company GAMMA is the first Icelandic financial institution to open offices outside of Iceland following the announcement of plans to lift the country’s capital controls.

Fitch Ratings

Execution of controls plan ‘key’

12 Jun 2015 Iceland’s plan to lift capital controls, announce by the government on Monday, has been hailed as ‘positive’ by FitchRatings, one of the ‘Big Three’ credit-rating agencies.

The PM and Finance Minister present the new measures yesterday.

Capital controls plan: reactions

9 Jun 2015 The plan appears to enjoy a good degree of cross-party consensus, with creditors and the market also reacting positively.




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