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<!DOCTYPE html> <html lang="en"> <head> <meta charset="utf-8" /> <meta name="viewport" content="width=device-width, initial-scale=1.0" /> <meta property="og:title" content="Capital controls" /> <meta property="og:image" content="http://sedlabanki.is/lisalib/getfile.aspx?itemid=c1887266-1c09-11e5-93fc-005056bc0bdb" /> <meta name="twitter:card" content="summary" /> <meta name="twitter:image" content="https://sedlabanki.is/lisalib/getfile.aspx?itemid=21832d3f-8324-11ea-911f-005056bc3d8f" /> <meta property="pageid" content="1d2c75f3-5b3e-11e7-90f6-005056bc3d8f" /> <title>Capital controls</title> <style type="text/css"> @import url(//fonts.googleapis.com/css?family=Open+Sans:300,400,600,700); </style> <link rel="stylesheet" type="text/css" href="/supportfiles/css/print.less?v=19000101000000" /> <link rel="stylesheet" type="text/css" href="/supportfiles/css/english.less?v=20201123101826" /> <meta name="description" content="Capital controls, or capital account restrictions, were introduced in November 2008, after Iceland was struck by an unusually extensive banking crisis in early October 2008." /> <link rel="stylesheet" type="text/css" href="/LisaLib/Css/Content.css"/> <script src="/LisaLib/GetSupportFile.aspx?id=fd35a1df-f7e0-11e4-93fd-005056bc2afe" type="text/javascript" ></script>  <script src="/LisaLib/GetSupportFile.aspx?id=c37fce20-1b43-11e5-93ff-005056bc2afe" type="text/javascript" ></script>  <script src="/LisaLib/GetSupportFile.aspx?id=fd35a1d9-f7e0-11e4-93fd-005056bc2afe" type="text/javascript" ></script>  <link rel="stylesheet" href="/LisaLib/GetSupportFile.aspx?id=fd35a20c-f7e0-11e4-93fd-005056bc2afe" type="text/css" />  <link rel="stylesheet" href="/LisaLib/GetSupportFile.aspx?id=30204444-fc03-11ea-9b8d-005056bccf91" tyoe="text/css" />  <link rel="stylesheet" href="//code.jquery.com/ui/1.10.1/themes/base/jquery-ui.css" />  <script src="//ajax.aspnetcdn.com/ajax/jquery.validate/1.11.1/jquery.validate.js"></script> <script src="//ajax.aspnetcdn.com/ajax/jquery.migrate/jquery-migrate-1.2.1.js"></script> <script src="//ajax.aspnetcdn.com/ajax/mvc/3.0/jquery.unobtrusive-ajax.js"></script> <script src="//ajax.aspnetcdn.com/ajax/mvc/3.0/jquery.validate.unobtrusive.js"></script> <script src="//code.jquery.com/ui/1.10.1/jquery-ui.js"></script>  <script>(function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0], j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src= 'https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f); 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data-pageid="9f95c758-0463-11e5-93fd-005056bc2afe"><a href="/financial-stability/macroprudential-policy/foreign-exchange-balance/" class="leveling3">Foreign exchange balance</a></li><li class="leveling3" data-pageid="a8405745-0463-11e5-93fd-005056bc2afe"><a href="/financial-stability/macroprudential-policy/liquidity-and-stable-funding/" class="leveling3">Liquidity and stable funding</a></li><li class="leveling3" data-pageid="4913f57c-7cee-44d2-8de0-dc0170c85d92"><a href="/financial-stability/macroprudential-policy/restrictions-on-mortgage-lending/" class="leveling3">Restrictions on mortgage lending</a></li><li class="leveling3" data-pageid="63165d66-5afc-463e-9621-cb54ea0050ac"><a href="/financial-stability/macroprudential-policy/cbi-stress-test/" class="leveling3 last">CBI Stress test</a></li></ul></li><li class="leveling2" data-pageid="b7120589-1c2c-11ea-911b-005056bc3d8f"><div class="show-children"></div><a href="/financial-stability/oversight-of-financial-market-infrastructures/" class="leveling2">Oversight of financial market infrastructures</a><ul class="leveling2"><li class="leveling3" data-pageid="664cfdb3-1731-11ee-9bb0-005056bccf91"><a href="/financial-stability/oversight-of-financial-market-infrastructures/cyber-resilience-testing/" class="leveling3 first">Cyber resilience testing</a></li><li class="leveling3" data-pageid="0fd65b1d-09cf-11e5-93fa-005056bc0bdb"><div class="show-children"></div><a href="/financial-stability/oversight-of-financial-market-infrastructures/banknotes-and-coin/" class="leveling3 last">Banknotes and coin</a><ul class="leveling3"><li class="leveling4"><a href="/financial-stability/oversight-of-financial-market-infrastructures/banknotes-and-coin/valid-banknotes-in-circulation/" class="leveling4">Valid banknotes in circulation</a></li><li class="leveling4"><a href="/financial-stability/oversight-of-financial-market-infrastructures/banknotes-and-coin/valid-coins-in-circulation/" class="leveling4">Valid coins in circulation</a></li><li class="leveling4"><a href="/financial-stability/oversight-of-financial-market-infrastructures/banknotes-and-coin/notes-and-coin-in-circulation/" class="leveling4">Notes and coin in circulation</a></li><li class="leveling4"><a href="/financial-stability/oversight-of-financial-market-infrastructures/banknotes-and-coin/withdrawal-of-banknotes/" class="leveling4">Withdrawal of banknotes</a></li><li class="leveling4"><a href="/financial-stability/oversight-of-financial-market-infrastructures/banknotes-and-coin/reproduction-and-forgery/" class="leveling4">Reproduction and forgery</a></li></ul></li></ul></li><li class="leveling2" data-pageid="683d9600-f1c7-443f-8d95-2b240202c368"><div class="show-children"></div><a href="/financial-stability/foreign-exchange/" class="leveling2 childselected">Foreign exchange</a><ul class="leveling2"><li class="leveling3" data-pageid="1d2c75f3-5b3e-11e7-90f6-005056bc3d8f"><a href="/financial-stability/foreign-exchange/capital-controls/" class="leveling3 selected first last single">Capital controls</a></li></ul></li><li class="leveling2" data-pageid="1279a8b5-7cfc-11ec-9b9f-005056bccf91"><div class="show-children"></div><a href="/financial-stability/resolution-authority/" class="leveling2 last">Resolution Authority</a><ul class="leveling2"><li class="leveling3" data-pageid="2121bb0f-7cfe-11ec-9b9f-005056bccf91"><a href="/financial-stability/resolution-authority/resolution/" class="leveling3 first">Resolution</a></li><li class="leveling3" data-pageid="9758c87a-7cfe-11ec-9b9f-005056bccf91"><a href="/financial-stability/resolution-authority/resolution-plans/" class="leveling3">Resolution plans</a></li><li class="leveling3" data-pageid="08858fd0-7cff-11ec-9b9f-005056bccf91"><a href="/financial-stability/resolution-authority/mrel/" class="leveling3">MREL</a></li><li class="leveling3" data-pageid="241fc8e1-7d00-11ec-9b9f-005056bccf91"><a href="/financial-stability/resolution-authority/resolution-fund-/" class="leveling3 last">Resolution Fund </a></li></ul></li></ul><div class="clearfix"></div></li><li data-pageid="a82e28dc-2e0a-11ea-911c-005056bc3d8f" class="leveling1"><div class="show-children"></div><a href="/financial-supervision/" class="leveling1">Financial Supervision</a><ul class="leveling1"><li class="leveling2" data-pageid="f712521f-dce4-4c47-a93b-3bf4363e79a6"><a href="https://en.fme.is/about-us/financial-supervision-committee/" class="leveling2 first">Financial Supervision Committee</a></li><li class="leveling2" data-pageid="8259f1de-fbfa-4bbc-bc76-7c5c0230f57b"><a href="https://en.fme.is/supervision/" class="leveling2">Supervision</a></li><li class="leveling2" data-pageid="df0c40a8-4ce9-4ab8-b95f-15e7306eb7d3"><a href="https://en.fme.is/supervision/consumer-affairs/" class="leveling2 last">Consumer Affairs</a></li></ul><div class="clearfix"></div></li><li data-pageid="61a0fb5e-03a3-11e5-93fd-005056bc2afe" class="leveling1"><div class="show-children"></div><a href="/statistics/" class="leveling1">Statistics</a><ul class="leveling1"><li class="leveling2" data-pageid="eeb290ab-09ce-11e5-93fa-005056bc0bdb"><a href="/statistics/data/" class="leveling2 first">Data</a></li><li class="leveling2" data-pageid="17aa1bad-d69b-11e7-90f9-005056bc3d8f"><a href="https://www.cb.is/other/key-interest-rate/" class="leveling2">Interest rates</a></li><li class="leveling2" data-pageid="e602fd30-c37d-11e6-9406-005056bc0bdb"><a href="/statistics/release-calendar/" class="leveling2">Release calendar</a></li><li class="leveling2" data-pageid="f65c04bb-09ce-11e5-93fa-005056bc0bdb"><a href="/statistics/sdds/" class="leveling2">SDDS</a></li><li class="leveling2" data-pageid="f65c04c3-09ce-11e5-93fa-005056bc0bdb"><a href="/statistics/methodology/" class="leveling2">Methodology</a></li><li class="leveling2" data-pageid="7f26cc45-e5cd-11ed-9bae-005056bccf91"><div class="show-children"></div><a href="/statistics/surveys/" class="leveling2">Surveys</a><ul class="leveling2"><li class="leveling3" data-pageid="9bf04a6c-4211-4344-ac7b-4dcd1a0aeb25"><a href="/statistics/surveys/survey-of-market-expectations/" class="leveling3 first">Survey of market expectations</a></li><li class="leveling3" data-pageid="b954cf80-0f2e-400e-9ee6-cd8e810e00b5"><a href="/statistics/surveys/lending-survey/" class="leveling3 last">Lending survey</a></li></ul></li><li class="leveling2" data-pageid="684d781c-e066-11e9-911a-005056bc3d8f"><a href="/statistics/various-measures-of-inflation-expectations/" class="leveling2">Various measures of inflation expectations</a></li><li class="leveling2" data-pageid="fcac51d5-09ce-11e5-93fa-005056bc0bdb"><div class="show-children"></div><a href="/statistics/official-exchange-rate/" class="leveling2">Official exchange rate</a><ul class="leveling2"><li class="leveling3" data-pageid="7b0f42b5-04e5-11e8-8caf-d481d7105f70"><a href="/statistics/official-exchange-rate/trade-weighted-indices/" class="leveling3 first">Trade-weighted indices</a></li><li class="leveling3" data-pageid="6909b7bd-5189-45dd-bf5b-c76ea33496ef"><a href="/?PageId=6909b7bd-5189-45dd-bf5b-c76ea33496ef" class="leveling3">Time series</a></li><li class="leveling3" data-pageid="9468ed2b-09f1-11e5-93fa-005056bc0bdb"><a href="/statistics/official-exchange-rate/revised-currency-baskets/" class="leveling3">Revised currency baskets</a></li><li class="leveling3" data-pageid="56a8b44d-a762-11e7-90f9-005056bc3d8f"><a href="/statistics/official-exchange-rate/faq/" class="leveling3 last">FAQ</a></li></ul></li><li class="leveling2" data-pageid="fcac51cd-09ce-11e5-93fa-005056bc0bdb"><a href="/statistics/xml-data/" class="leveling2 last">XML data</a></li></ul><div class="clearfix"></div></li><li data-pageid="766ba718-03a3-11e5-93fd-005056bc2afe" class="leveling1"><div class="show-children"></div><a href="/publications/" class="leveling1">Publications</a><ul class="leveling1"><li class="leveling2" data-pageid="ba6ab676-0b91-11e5-93fd-005056bc2afe"><a href="http://www.cb.is/publications/news/news-all-years" class="leveling2 first">News</a></li><li class="leveling2" data-pageid="6b771c14-2efc-11e5-93fc-005056bc0bdb"><div class="show-children"></div><a href="/publications/publications/publications-all-archive/?" class="leveling2">Publications</a><ul class="leveling2"><li class="leveling3" data-pageid="782b93c9-796f-11ee-9bb6-005056bccf91"><a href="/publications/publications/previously-published-material/" class="leveling3 first last single">Previously published material</a></li></ul></li><li class="leveling2" data-pageid="fec64f70-0460-11e5-93fa-005056bc0bdb"><a href="http://www.cb.is/publications/Speeches/Speeches-all-years/?all=1&" class="leveling2">Speeches</a></li><li class="leveling2" data-pageid="5cce971b-9df6-11e7-90f7-005056bc3d8f"><a href="/publications/events/" class="leveling2">Events</a></li><li class="leveling2" data-pageid="69ea0932-e385-11e9-911a-005056bc3d8f"><a href="/publications/conferences/" class="leveling2 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title="PageName">Capital controls</a></li></ul></div> </div> <div class="container main" role="main"><aside class="left col-md-3 hidden-xs hidden-sm" > <ul class="sidbarNav"><li data="/financial-stability/financial-stability-committee/" class="sprite sbar level2 first "><div style="display:none">/financial-stability/financial-stability-committee/</div><a href="/financial-stability/financial-stability-committee/">Financial Stability Committee</a><span class="arrow"></span></li><li data="/financial-stability/macroprudential-policy/" class="sprite sbar level2 "><div style="display:none">/financial-stability/macroprudential-policy/</div><a href="/financial-stability/macroprudential-policy/">Macroprudential policy</a><span class="arrow"></span></li><li data="/financial-stability/oversight-of-financial-market-infrastructures/" class="sprite sbar level2 "><div style="display:none">/financial-stability/oversight-of-financial-market-infrastructures/</div><a href="/financial-stability/oversight-of-financial-market-infrastructures/">Oversight of financial market infrastructures</a><span class="arrow"></span></li><li data="/financial-stability/foreign-exchange/" class="sprite sbar level2 childselected "><div style="display:none">/financial-stability/foreign-exchange/</div><a href="/financial-stability/foreign-exchange/">Foreign exchange</a><span class="arrow"></span></li><ul class="sidbarNav"><li data="/financial-stability/foreign-exchange/capital-controls/" class="sprite sbar level3 selected first last single "><div style="display:none">/financial-stability/foreign-exchange/capital-controls/</div><a href="/financial-stability/foreign-exchange/capital-controls/">Capital controls</a><span class="arrow"></span></li></ul><li data="/financial-stability/resolution-authority/" class="sprite sbar level2 last "><div style="display:none">/financial-stability/resolution-authority/</div><a href="/financial-stability/resolution-authority/">Resolution Authority</a><span class="arrow"></span></li></ul> </aside> <div class="subpage col-md-9"> <div class="visible-print" style="margin-top:-50px;" > <img src="/themes/Bootstrap/img/logo.png" height="42" width="42" /> <br /><br /> </div> <h1>Capital controls</h1> <div class="l-user-content"><p><span>Capital controls were introduced in Iceland in autumn 2008, in the wake of the financial crisis that struck the country. The controls entailed the imposition of certain restrictions on outflows of foreign currency from Iceland. They were lifted in their entirety with the entry into force of the Foreign Exchange Act, no. 70/2021, and no restrictions on foreign exchange transactions, cross-border payments, or cross-border movement of capital are now in effect.</span></p><p style="margin-top: 0px;"><br /></p><h2 style="margin-top: 0px;">Capital controls in Iceland 2008-2021</h2><p style="margin-top: 0px;"><span>Capital controls, or capital account restrictions, were introduced in November 2008, after Iceland was struck by an unusually extensive banking crisis in early October 2008. On 10 October 2008, in response to the emergency situation, the Central Bank imposed a temporary tempering of currency outflows by means of instructions issued to deposit institutions. It quickly became clear that this response would not suffice, and therefore, on 28 November 2008, Parliament granted the Central Bank of Iceland expanded authorisations to restrict foreign exchange transactions and cross-border movement of capital by means of a Temporary Provision in the Foreign Exchange Act, no. 87/1992. That same day, the Bank set the Rules on Foreign Exchange, no. 1082/2008, on the basis of this expanded authorisation. The Rules significantly restricted movement of capital and foreign exchange transactions not linked to trade in goods and services. It can be said that, with the rules, captial controls were put in place. The controls were modified over the years that followed, first with amendments to Central Bank rules and then with amendments to the Foreign Exchange Act. From the time the capital controls were imposed, the authorities attempted to create conditions that would allow for their removal. The controls were lifted in stages between 2015 and 2021: the authorities’ sequenced capital account liberalisation strategy was introduced in summer 2015; the failed financial institutions’ composition agreements were approved in early 2016; and the capital controls on households and businesses were lifted in late 2016 and the first half of 2017. The removal of capital controls on offshore króna assets had to wait until early 2019, however. When the new Foreign Exchange Act entered into force in summer 2021, the remaining capital controls were finally lifted in their entirety. </span></p><p style="margin-top: 0px;"><br /></p><h2 style="margin-top: 0px;">International obligations</h2><p style="margin-top: 0px;"><span>The fundamental principle of free movement of capital is provided for in Articles 40 and 41 of the EEA Agreement. Article 43 of the EEA Agreement contains authorisations for exemptions to free movement of capital as described in Article 40. More specifically, Article 43, Paragraph 2 of the EEA Agreement stipulates that in instances when movement of capital leads to disturbances in capital market functioning in an EFTA state, the state in question is authorised to take protective measures in the field of capital movement. Furthermore, Paragraph 4 of the same Article states that when “an EFTA state is in difficulties, or is seriously threatened with difficulties, as regards its balance of payments either as a result of an overall disequilibrium in its balance of payments, or as a result of the type of currency at its disposal, and where such difficulties are liable in particular to jeopardize the functioning of this Agreement, the Contracting Party concerned may take protective measures.” </span></p><p style="margin-top: 0px;"><span>The restrictions on movement of capital introduced in Iceland were supported with reference to these provisions and were considered to satisfy the requirements therein; cf. the advisory opinion of the EFTA Court in Case no. E-3/11 of 14 December 2011. </span></p><p style="margin-top: 0px;"><br /></p><h2 style="margin-top: 0px;">Previous laws and rules relating to the capital controls</h2><p style="margin-top: 0px;"><span>Information on the modifications made to the capital controls between 2008 and 2021 can be found here, as can previous rules, bills of legislation, and amending legislation.</span></p></div><h3 class="qa-title"><span class="pull-right open-all" data-target="86f86a8a-6fcd-11ec-9b9e-005056bccf91">Show all</span></h3><span class="currency_qa"><ul class="qa 86f86a8a-6fcd-11ec-9b9e-005056bccf91"><li id="86f86a8a-6fcd-11ec-9b9e-005056bccf91plus1" class="plus"><h2 href="#" id="question1" class="question ">Foreign Exchange Act </h2><div class="slide-down answer1"><p><a href="/library/Skraarsafn---EN/Capital-surveillance/English-translation-of-the-Foreign-Exchange-Act---Nov-2016.pdf" title="PDF" class="pdf" target="_blank">The repealed Foreign Exchange Act, no. 87/1992, with subsequent amendments</a></p> <ul> <li><a href="/library/Skraarsafn---EN/Capital-surveillance/Act_no._14_2019.pdf" title="PDF" class="pdf" target="_blank">Act no. 14/2019 amending the Act on the Treatment of Króna-Denominated Assets Subject to Special Restrictions and the Foreign Exchange Act (release of offshore krónur and special reserve requirement on capital inflows)</a> <ul> <li>Bill of Legislation passed as Act no. 14/2019</li> <li>Committee opinion on Act no. 14/2019</li> </ul> </li> <li><a href="/library/Skraarsafn---EN/Capital-surveillance/Act-no-105-2016.pdf" title="PDF" class="pdf" target="_blank">Act no 105/2016 amending the Foreign Exchange Act, no. 87/1992, with subsequent amendments (capital account liberalisation)</a> <ul> <li>Bill of Legislation passed as Act no. 105/2016</li> </ul> </li> <li><a href="https://www.government.is/Publications/Legislation/Lex/?newsid=3831a70f-fb8d-11e7-9423-005056bc4d74" title="Opens in new window" target="_blank">Act no. 42/2016 amending the Act on the Treatment of Króna-Denominated Assets Subject to Special Restrictions, no. 37/2016</a> <ul> <li>Bill of Legislation passed as Act no. 42/2016</li> </ul> </li> <li><a href="/library/Skraarsafn---EN/Capital-surveillance/Act_372016" title="PDF" class="pdf" target="_blank">Act on the Treatment of Króna-Denominated Assets Subject to Special Restrictions, no. 37/2016</a> <ul> <li>Bill of Legislation passed as Act no. 37/2016</li> </ul> </li> <li><a href="/library/Skraarsafn---EN/Capital-surveillance/act-no-27-2017.pdf" title="PDF" class="pdf" target="_blank">Act no 27/2015 amending the Foreign Exchange Act, no. 87/1992, with subsequent amendments (rules on capital controls, cancellation of exemptions, etc.)</a> <ul> <li>Bill of Legislation passed as Act no. 27/2015</li> </ul> </li> <li>Act no 67/2014 amending the Foreign Exchange Act, no. 87/1992, with subsequent amendments (dividends, penalty provisions) <ul> <li>Bill of Legislation passed as Act no. 67/2014</li> </ul> </li> <li>Act no. 35/2013 amending the Foreign Exchange Act, no. 87/1992, with subsequent amendments (expanded authorisations, increased monitoring, increased fines, etc.) <ul> <li>Bill of Legislation passed as Act no. 35/2013</li> </ul> </li> <li>Act no. 16/2013 amending the Foreign Exchange Act, no. 87/1992, with subsequent amendments (sunset provision and authorisation to set rules) <ul> <li>Bill of Legislation passed as Act no. 16/2013</li> </ul> </li> <li>Act no 17/2012 amending the Foreign Exchange Act, no. 87/1992, with subsequent amendments <ul> <li>Bill of Legislation passed as Act no. 17/2012</li> </ul> </li> <li>Act no. 127/2011 amending the Foreign Exchange Act, the Customs Act, and the Act on the Central Bank of Iceland <ul> <li>Bill of Legislation passed as Act no. 127/2011</li> </ul> </li> <li>Act no 78/2010 amending the Foreign Exchange Act and the Customs Act, with subsequent amendments</li> <li>Act no 73/2009 amending the Foreign Exchange Act, no. 87/1992, with subsequent amendments (penalty provisions, administrative authorisations) <ul> <li>Bill of Legislation passed as Act no. 73/2009</li> </ul> </li> <li>Act no 27/2009 amending the Customs Act and the Foreign Exchange Act, with subsequent amendments (export transactions in foreign currency) <ul> <li>Bill of Legislation passed as Act no. 27/2009</li> </ul> </li> <li>Act no 134/2008 amending the Foreign Exchange Act, with subsequent amendments (restrictions on foreign exchange transactions) <ul> <li>Bill of Legislation passed as Act no. 134/2008</li> </ul> </li> </ul> <br /></div></li><li id="86f86a8a-6fcd-11ec-9b9e-005056bccf91plus2" class="plus"><h2 href="#" id="question2" class="question ">Capital controls in the Rules on Foreign Exchange</h2><div class="slide-down answer2"><p>Until Act no. 127/2011 entered into force, the substantive rules on capital controls were provided for in the Rules on Foreign Exchange.</p> <ul> <li>Rules on Foreign Exchange, no. 370/2010</li> <li>Rules on Foreign Exchange, no. 880/2009</li> <li>Rules on Foreign Exchange, no. 1130/2008</li> <li>Rules on Foreign Exchange, no. 1082/2008</li> </ul> <br /></div></li><li id="86f86a8a-6fcd-11ec-9b9e-005056bccf91plus3" class="plus"><h2 href="#" id="question3" class="question ">Rules on Foreign Exchange</h2><div class="slide-down answer3"><p>After Act no. 127/2011 entered into force, the Rules on Foreign Exchange were intended as a means of providing for various aspects of implementation, information disclosure requirements, exemptions from the restrictions laid down in the Foreign Exchange Act, and so forth.</p> <ul> <li><a href="/library/Skraarsafn---EN/Capital-surveillance/Rules_on_foreign_exchange.pdf" title="PDF" class="pdf" target="_blank">Rules on Foreign Exchange, no. 200/2017, with subsequent amendments</a> <ul> <li><a href="/library/Skraarsafn---EN/Capital-surveillance/Enska_Reglur_um_gjaldeyrismal_11032017.pdf" title="PDF" class="pdf" target="_blank">Rules no. 200/2017</a></li> <li><a href="/library/Skraarsafn---EN/Capital-surveillance/Rules_568-2017.pdf" title="PDF" class="pdf" target="_blank">Rules no. 568/2017</a></li> <li><a href="/library/Skraarsafn---EN/Capital-surveillance/Rules_no._311_2019.pdf" title="PDF" class="pdf" target="_blank">Rules no. 311/2019</a></li> </ul> </li> </ul> <ul> <li>Rules on Foreign Exchange, no. 1266/2016</li> <li>Rules on Foreign Exchange, no. 862/2016</li> <li>Rules on Foreign Exchange, no. 430/2016</li> <li>Rules on Foreign Exchange, no. 565/2014 <ul> <li>Rules no. 242/2015 amending the Rules on Foreign Exchange, no. 565/2014</li> <li>Rules no. 407/2016 amending the Rules on Foreign Exchange, no. 565/2014</li> </ul> </li> <li>Rules on Foreign Exchange, no. 300/2013</li> </ul></div></li><li id="86f86a8a-6fcd-11ec-9b9e-005056bccf91plus4" class="plus"><h2 href="#" id="question4" class="question ">Act on the Treatment of Króna-Denominated Assets Subject to Special Restrictions</h2><div class="slide-down answer4"><p>The Act on the Treatment of Króna-Denominated Assets Subject to Special Restrictions entered into force in May 2016. Referred to in day-to-day speech as the Offshore Króna Act, it was intended as a means of segregating offshore krónur during the prelude to the removal of capital controls on households and businesses.<br /> The repealed Act on the Treatment of Króna-Denominated Assets Subject to Special Restrictions, no. 37/2016, with subsequent amendments</p> <ul> <li>Act no. 14/2019 amending the Act on the Treatment of Króna-Denominated Assets Subject to Special Restrictions and the Foreign Exchange Act (release of offshore krónur and special reserve requirement on capital inflows) <ul> <li>Bill of Legislation passed as Act no. 14/2019</li> <li>Committee opinion on Act no. 14/2019</li> </ul> </li> <li>Act no. 27/2017 amending the Act on the Treatment of Króna-Denominated Assets Subject to Special Restrictions, no. 37/2016 <ul> <li>Bill of Legislation passed as Act no. 27/2017</li> </ul> </li> <li>Act no 105/2016 amending the Foreign Exchange Act, no. 87/1992, with subsequent amendments (capital account liberalisation) <ul> <li>Bill of Legislation passed as Act no. 105/2016</li> </ul> </li> <li>Act no. 42/2016 amending the Act on the Treatment of Króna-Denominated Assets Subject to Special Restrictions, no. 37/2016 <ul> <li>Bill of Legislation passed as Act no. 42/2016</li> </ul> </li> <li>Act on the Treatment of Króna-Denominated Assets Subject to Special Restrictions, no. 37/2016 <ul> <li>Bill of Legislation passed as Act no. 37/2016</li> </ul> </li> </ul> <br /></div></li><li id="86f86a8a-6fcd-11ec-9b9e-005056bccf91plus5" class="plus"><h2 href="#" id="question5" class="question ">Rules on the Treatment of Króna-Denominated Assets Subject to Special Restrictions </h2><div class="slide-down answer5">• <a href="/library/Skraarsafn---EN/Capital-surveillance/Rules_no_224_2019.pdf" title="PDF" class="pdf" target="_blank">Rules on the Treatment of Króna-Denominated Assets Subject to Special Restrictions, no. 224/2019</a><br /> •<a href="/library/Skraarsafn---EN/Rules/Rules_425-2016.pdf" title="PDF" class="pdf" target="_blank"> Rules on the Treatment of Króna-Denominated Assets Subject to Special Restrictions, no. 425/2016</a><br /></div></li><li id="86f86a8a-6fcd-11ec-9b9e-005056bccf91plus6" class="plus"><h2 href="#" id="question6" class="question ">Act on a Stability Tax</h2><div class="slide-down answer6"><ul> <li>Act on a Stability Tax, no. 60/2015</li> <li>Bill of Legislation passed as Act no. 60/2015</li> </ul></div></li></ul></span></div> <div class="col-md-offset-3 col-md-9"> <div class="social-icons-blog hidden-print" > <div class="g-plus-blog left"><div class="g-plusone" data-size="tall" data-annotation="none"></div></div> <script type="text/javascript"> (function() { var po = document.createElement('script'); 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