May 5, 2017 / 5:12 PM / 7 months ago

Iceland reopens offshore crown exchange auction

STOCKHOLM, May 5 (Reuters) - The Icelandic central bank on Friday reopened an offshore crown exchange auction, extending a deadline that expired last week until June 15.

As part of a lifting of capital controls introduced during the 2008 financial crisis to stop money from flooding out of the country, the bank is seeking to purchase remaining offshore crown assets held by foreign funds via a series of auctions.

The original deadline for participation in the latest one, which bank spokesman Stefan Stefansson said drew strong interest, was April 28.

“A number of interested parties were unable to finalise their trades within the timeframe specified by the Bank. As a result, the Bank has decided to extend the period during which intermediaries may submit offers,” the bank said in a statement.

Reporting by Stockholm Newsroom

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