Capital flow measures needed before offshore krona auction, says Guðmundsson

Már Guðmundsson: tax or "special reserve requirement"

The government of Iceland should set in law the powers required by its central bank to curb capital inflows before a forthcoming auction of foreign currency, said governor Már Guðmundsson on March 17.

Guðmundsson has long been an advocate of the use of capital flow measures to stop short-run capital movements affecting monetary policy in Iceland. During remarks at the central bank's annual general meeting, he said such measures could take the form of a tax or "special reserve requirement", but

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