Iceland is considering ways to end capital controls after a vote in parliament to tighten financial regulations.
The government has outlined proposals to unfreeze assets worth 1,200bn krona ($9bn), subject to a 39% tax.
Capital controls, such as those to restrict money flowing in and out of the country, were imposed in 2008 after the country’s biggest banks collapsed.
The government thinks the economy has recovered sufficiently to end controls.
“These proposals contemplate addressing these risks through a combination of the payment of a voluntary stability contribution together with other measures designed to attenuate the release of crowns that have been trapped behind the capital controls and augment the foreign currency reserves of the Central Bank of Iceland,” it said in a statement.
via BBC
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.