World Economy

Iceland to Ease Currency Restrictions

Iceland to Ease Currency RestrictionsIceland to Ease Currency Restrictions

Iceland has announced plans to lift nearly all restrictions on currency movements imposed on its citizens in the wake of the 2008 global financial crisis, DW reported. The measures come ten weeks ahead of national elections. The Icelandic finance ministry has unveiled draft legislation that would allow Icelanders to buy property overseas and expand their right to purchase foreign currency in cash “significantly”. Drafted with the approval of the International Monetary Fund, the bill is due to be presented to parliament this week, and is expected to be approved.