Iceland: Currency auctions resumed
Further to our Marketflash LM13004, dated 15 January 2013, the Central Bank of Iceland (CBI) has decided to reinstate its regular purchases of foreign currency.
The next auctions, designed to encourage long-term investment in the Icelandic economy, are scheduled for Tuesday 19 March 2013, consisting of the following CBI offers:
- To purchase Euros in exchange for Icelandic krónur;
- To purchase Euros in exchange for payment in Treasury bond series RIKS 33 0321;
- To sell Icelandic krónur for cash payment in foreign currency.
These three auctions are an element in the removal of restrictions on the movement of capital as set forth in the CBI’s capital account liberalisation strategy of 25 March 2011 and in CBI’s Terms of foreign exchange transactions according to the Investment Programme for capital account liberalisation, dated 18 November 2011, with subsequent amendments.
Further information can be obtained from the terms of auction, from http://www.cb.is/ under publications or http://www.sedlabanki.is/ or from Mr Már Guðmundsson, Governor of the CBI, at tel: +354 569-9600.
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