14.04.2015

New information on foreign exchange matters – general practices

New information on foreign exchange matters – general practices

The Central Bank of Iceland has published further information on foreign exchange matters. The new information, which covers the general practices in connection with specific categories of requests for exemptions from the Foreign Exchange Act, no. 87/1992, can be found on the following page:

http://www.cb.is/the-bank/foreign-exchange/exemptions/exemption-requests-established-precedents/.

The page includes general information on the following categories of exemption requests:

- Exemptions due to resident individuals’ investments in motor vehicles abroad.
- Exemptions for retroactive registration of new investments because of financial institution error.
- Exemptions from deadlines for reinvestment.
- Exemptions from deadlines for payment of interest, indexation, dividends, and contractual instalments.
- Exemptions for sponsoring or charitable organisations’ gifts/subsidies in excess of the maximum amount.
- Exemptions for awarded court costs in Iceland.

Furthermore, the Central Bank of Iceland has updated the statistical information on its processing of requests for exemptions from the Foreign Exchange Act, no. 87/1992, which can be found on the following page:

http://www.cb.is/the-bank/foreign-exchange/exemptions/exemption-statistics/.

Also found on this page is general information on processing time for exemption requests and the processing ratio for requests received.

Statistical information on processing of exemption requests is also published in the Bank’s Annual Report.

Further information on foreign exchange issues is available upon request. Queries should be sent to gjaldeyrismal@sedlabanki.is. Please note that this e-mail address is only to be used for queries about foreign exchange matters. Requests for exemptions from the Foreign Exchange Act, no. 87/1992, must be sent to the Central Bank of Iceland in writing, together with pertinent documentation; cf. the fifth sentence of Article 13(o), Paragraph 1 of the Act.

It is also possible to make telephone queries by calling +354 569 9600 during the Capital Controls Surveillance Unit legal staff members’ telephone hours, from 10:00 hrs. to 11:30 hrs. Monday through Friday.

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