28. November 2008
New foreign exchange regulation
Last night Althingi (Icelandic parliament) passed a legislative bill from the Minister of Business Affairs, amending the Foreign Exchange Act of 1992. This new Act authorizes the Central Bank, upon consultation with the Minister, to adopt rules restricting cross-border movement of capital.
The aim of the Rules is to maintain restrictions on capital outflows that could have a negative impact on the reconstruction of the foreign exchange market.
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