Iceland lifts capital controls

Central Bank of Iceland
The Central Bank of Iceland

The Icelandic government and central bank announced the lifting of almost all its remaining capital controls on March 12, bringing to an end more than eight years of restrictions.

The process of liberalisation has been advancing steadily for years, but the decision ends most controls on individuals, firms and pension funds, effective from March 14.

The move is particularly important for Icelandic pension funds, which have struggled to diversify their assets, having been cut off from global mar