Exemptions

The Capital Controls Surveillance Unit (CCSU) was established as an independent unit within the Central Bank in 2009. In 2011, the department was divided into three units focusing on exemptions, surveillance, and investigation. The main task of the exemption unit was to process exemptions from the Foreign Exchange Act, no. 87/1992, and respond to queries received by e-mail at gjaldeyrismal@sedlabanki.is, or by telephone at +354 569-9600. In view of the reduction in the number of exemption requests received in the wake of the liberalisation of capital controls, the exemption unit discontinued operation in August 2018.

In the years 2010-2016, the CCSU received 800-1000 requests annually for exemptions from the Foreign Exchange Act, no. 87/1992, with individuals and legal entities applying for exemptions in roughly equal proportions. The processing ratio ranged between 75% and 100% of submitted queries per year, with about 300 cases in processing at any given time in the years 2010-2016. The number of queries submitted fell sharply in the wake of the liberalisation of capital controls, first with amendments to the Foreign Exchange Act that entered into force on 21 October 2016 and 1 January 2017, and most recently, with the adoption of the Rules on Foreign Exchange, no. 200/2017, on 14 March 2017.  


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  • Application form and guidelines

  • Exemption statistic