Currency Restrictions Continue Skip to content

Currency Restrictions Continue

By Iceland Review

The number of employers of Iceland’s Central Bank assigned to uphold the laws on currency trade has been increased. The Bank’s currency restrictions will not be uplifted for a while, reports.

The Central Bank. Copyright: Icelandic Photo Agency.

According to currency law, the Central bank must monitor the operation of individuals as well as businesses. The Minister of Commerce executes the law and the Financial Supervisory Authority (FME) investigates the matters that the Central Bank reports to them. The number of people assigned to monitoring currency trade has been increased but some of them have other related assignments as well.

The Central Bank has in the past months met with representatives of many companies in Iceland’s principal export industries, investigating the execution of said currency regulations. In special meetings the Central Bank has informed them regarding the upholding of the law, including recent changes, and discussed their execution. These meetings can be counted in dozens and there are still more to come.

The Central Bank redirects tips it receives regarding possible offenses to the FME since it does not investigate or decide in such cases. The Bank announced that it is impossible to determine when the currency trade restrictions will be uplifted, but that it will be done in some or every way as soon as conditions allow.

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