Iceland’s cabinet was expected to approve and subsequently publicize a program to lift capital controls today but as the steering committee responsible has yet to complete its proposals for the cabinet, the plan’s processing has been delayed.
Copyright: Icelandic Photo Agency.
However the steering committee expects to complete its draft proposals in the next two weeks. It will therefore be possible for the cabinet to make a decision on the plan no later than March 25 and that the approved plan will be publicized the same afternoon, a press release from the Ministry of Economic Affairs states.
The steering committee is comprised of Minister of Economic Affairs Árni Páll Árnason, Minister of Finance Steingrímur J. Sigfússon, Governor of the Central Bank Már Gudmundsson and Director General of the Financial Supervisory Authority Gunnar Th. Andersen.
The steering committee has collaborated closely with specialists in relevant ministries and institutions.
Click here to read more about capital controls and currency restrictions.