Reykjavik backs plans to remove capital controls

Iceland's government on Friday approved a strategy for removal of capital account restrictions, prepared by the Central Bank of Iceland in consultation with the Ministry of Business Affairs and the International Monetary Fund.

To avoid instability, their removal will be carefully sequenced, with each phase dependent upon specific conditions. Restrictions on foreign currency inflows for new investment will be removed first. New capital out will be able to move out of Iceland once again, provided

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