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Business

Iceland Set to Lift Money Controls Left Over Since Crisis

The national central bank said it will buy the national currency in foreign exchange markets if needed to keep it stable

The Icelandic Parliament in Reykjavik, photo: Frank Augstein
2 months ago

LONDON – Iceland is set to lift the last of its controls on money transfers that it had set up almost nine years ago during the global financial crisis to avoid a collapse in its currency.

The country will end the remaining controls on Tuesday, reflecting its improved financial position since the 2008 crisis that saw its major banks collapse and the government need an international bailout.

The national currency has strengthened in recent weeks but dropped on Monday on speculation that the final withdrawal of the controls means more money would be pulled out of the country. It was down 2.7 percent, at 110.71 per dollar.

The national central bank said it will buy the national currency in foreign exchange markets if needed to keep it stable.

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