Foreign exchange transactions have been subject to restrictions ever since the banking system collapsed in the autumn of 2008. Before the capital controls took effect, the Central Bank issued guidelines instructing the banks to restrict foreign currency sales to essential transactions involving trade in goods and services. On 28 November 2008, the Rules on Foreign Exchange were adopted in accordance with temporary provisions in the Foreign Exchange Act. When the Rules took effect, all restrictions on foreign exchange transactions due to trade in goods and services were lifted, but more stringent limitations on cross-border movement of capital and related foreign exchange transactions were imposed. With statutory amendments passed on 21 October 2016, important steps were taken towards easing restrictions on capital transactions. According to those amendments, further liberalisation was implemented on 1 January 2017. With Rules which took effect on 14 March 2017 most restrictions on foreign exchange transactions and cross-border movement of domestic and foreign currency were lifted.
The Foreign Exchange Act and the Rules on Foreign Exchange have been reviewed and amended several times. The current Foreign Exchange Act and Rules on Foreign Exchange can be found here, together with previous versions of the Act and the Rules and other pertinent information.