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The Icelandic Government approved the capital account liberalization strategy prepared by the Central Bank of Iceland in consultation with the Ministry of Business Affairs and the International Monetary Fund on Friday.
To avoid economic instability, the capital controls will be lifted in stages, the central bank said. Restrictions on foreign currency inflows for new investment will be removed first. The new capital out of Iceland will be permitted once again, provided the new investment has been registered with the central bank. This first stage of liberalization is expected to have a limited or positive impact on the foreign exchange reserves.
Further, the next phase of the strategy - the removal of restriction on capital outflow will be implemented upon the fulfillment of certain conditions. The central bank is set to present the phases of the strategy in detail on August 5, 2009.
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