Iceland provides steps to dismantle capital controls

REYKJAVIK Aug 16 Iceland on Tuesday proposed fundamental steps aimed to eliminate capital controls introduced after the 2008 monetary disaster, a finance ministry statement stated.

From the start of subsequent 12 months, the requirement for home custody of foreign securities investments might be revoked in keeping with the proposals, on the way to now visit parliament.

"this may allow citizens and non-residents to switch deposits and securities to and from Iceland and to exchange in securities abroad within the limits special in the invoice," the finance ministry said.

With instantaneous impact after the passage of the invoice, the government proposed that outward foreign direct funding might be unrestricted difficulty to affirmation by the primary bank and that funding in devices issued in overseas currency would be permissible up to a given amount.