Iceland to Lift Capital Controls

Icelandic authorities will present changes to the country’s capital controls later on Sunday, a central bank spokesperson said, Reuters reported. Capital controls were imposed at the height of the financial crisis in 2008 to shore up a tumbling Icelandic krona. “There will be a press conference with the prime minister, the finance minister and the head of the central bank. They will present changes to the capital controls today,” said Stefan Johann Stefansson. Icelandic media reported earlier this week, citing Finance Minister Benedikt Johannesson, that the controls could be lifted in weeks or months. One hitch to removing the controls has been an ongoing spat between Iceland and funds that own more than $1 billion worth of krona-denominated assets that were frozen by the Icelandic authorities.