Central Bank of Iceland suspends its foreign currency purchases

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The Central Bank of Iceland has temporarily suspended its regular purchases of foreign currency in light of an "undesirably large" depreciation in the Icelandic króna.

The central bank began purchasing foreign currency in September 2010, at a rate of €500,000 ($660,000) a week from each market maker in the country, before doubling these acquisitions as of July 2012.

In total, the central bought approximately $150 million of foreign currency in 2012, and sold $225 million across its market

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