Iceland launches plan to lift capital controls

Central Bank of Iceland
The Central Bank of Iceland

Iceland has set in motion plans that will lay the foundations for a gradual lifting of capital controls, prime minister Sigmundur Gunnlaugsson said on June 8.

A total of around Ikr1.2 trillion ($9 billion) are at risk of flooding out of the economy as controls are lifted, comprising the assets of failed Icelandic banks Glitnir, Kaupthing and Landsbanki (Ikr500 billion), foreign-denominated claims against Icelandic residents (Ikr400 billion) and offshore krona held largely by non-residents (Ikr30

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