World Economy

Iceland Ends Capital Controls

Iceland Ends Capital ControlsIceland Ends Capital Controls

At a press conference in Reykjavik, Iceland’s government announced that it will lift almost all of the remaining capital controls, allowing its citizens, corporations and pension funds full access to the global capital markets, Bloomberg reported. After the implosion of the nation’s biggest banks in 2008, Iceland imposed capital controls on its citizens, businesses and pension funds to prevent money leaving the country. But ministers believe the economy has recovered sufficiently to end controls, thanks in part to a boom in tourism and the repair of its battered banks. The Nordic country was one of the biggest victims of the financial crisis as three of its biggest lenders–Glitnir, Landsbanki and Kaupthing–collapsed.


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