Amendments to the Rules on Foreign Exchange, etc.
At the turn of the year, important steps will be taken towards lifting controls on households and businesses, in accordance with the third phase of the authorities’ strategy, publicised in June 2015. From then onwards, residents and non-residents will be authorised to transfer deposits and securities to and from Iceland, to trade in securities abroad, and purchase or withdraw foreign currency in cash, up to a maximum of 100 m.kr. Also taking effect at the turn of the year are new Rules on Foreign Exchange, which provide for more extensive authorisations for foreign exchange transactions and cross-border movement of capital.
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Pension funds’ authorisation for foreign investment in 2017
The Central Bank of Iceland has decided to grant pension funds and other domestic custodians of third-pillar pension savings a new exemption from the Foreign Exchange Act, no. 87/1992, thereby permitting them to invest in financial instruments issued in foreign currency. The total authorisation, which amounts to 100 b.kr., remains in effect until year-end 2017. From mid-2015 through end-2016, pension funds and other domestic custodians of third-pillar pension savings have been authorised to invest abroad for a total of 95 b.kr., 85 b.kr. of it in 2016.
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Minutes of the MPC
Here are the minutes of the Monetary Policy Committee of the Central Bank of Iceland from the meeting held on 13 December 2016. There, the Committee discussed economic and financial market developments, the interest rate decision on 14 December, and the communication of that decision.
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Economic Indicators 22 December 2016
The Central Bank of Iceland’s Economic Indicators report for December 2016 has been released and can be found here on the Bank’s website. The publication contains information on developments in prices, output, external trade, the labour market, public sector finances, asset markets, and the financial market. The information is published in chart form, and underlying data can be called up in spreadsheet format.
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The People's Bank of China and the Central Bank of Iceland have renewed their currency swap agreement
The People's Bank of China and the Central Bank of Iceland have renewed their bilateral currency swap agreement. The original agreement was signed in 2010 and renewed for the first time in 2013. The purpose of the agreement is to promote bilateral trade and direct investment for economic development of the two countries and enhancing financial cooperation
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