(Government press release): A special steering group has recently spearheaded a plan on the lifting of capital controls. The Minister of Economic Affairs has led the group, which also consists of the Minister of Finance, the Governor of the Central Bank of Iceland and the Director General of the Financial Supervisory Authority.
The Central Bank has in recent weeks worked on a programme to lift capital controls in cooperation with the Government. The Central Bank will deliver the steering group its analysis and draft proposals next week.
Subsequently, a proposal on a plan on the lifting of capital controls will be presented to the cabinet. It is expected that the cabinet will make a decision on the plan no later than 11 March and that the approved plan will be published the same afternoon.
http://uti.is/2011/03/capital-restrictions-until-2015/
Four more years of restrictions, that seems about right, hopefully the world economy will start to recover at that point and the appetite for very high risk will return.
I should point out that Sigrún Davíðsdóttir’s reference to ‘Off Shore Krona’, should be more accurately describe as Real Krona, as it reflects the true value of the currency, not the fake currency trade in Iceland.