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Iceland says capital controls to be lifted in coming week
March 12, 2017 / 2:30 PM / 9 months ago

Iceland says capital controls to be lifted in coming week

STOCKHOLM, March 12 (Reuters) - Iceland’s finance ministry said on Sunday that in the coming week it would lift the remaining capital controls that have been in place since the financial crisis in 2008, easing restrictions on households an businesses.

“The removal of the capital controls, which stabilised the currency and economy during the country’s unprecedented financial crash, represents the completion of Iceland’s return to international financial markets,” it said in a statement.

The ministry said it had also tweaked regulations and introduced special reserve requirements for new foreign currency inflows to prevent a repeat of “hot money” destabilising the financial system. (Reporting by Johan Ahlander and Simon Johnson; Editing by Mark Potter)

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