13 October 2008

Foreign exchange transactions

There have been delays in foreign exchange transactions at the three commercial banks as they commence operations after the recent changes in ownership. These difficulties have begun to diminish, however.

Landsbanki has begun operations under new ownership and was able to carry out a portion of its foreign exchange business today. When the formal changes at the other banks are complete, they will begin to carry out foreign exchange business as well. The Central Bank of Iceland’s instructions of last Friday, concerning limitations on foreign exchange transactions, remain in effect. It is appropriate to emphasise that these instructions are guidelines. The appropriate parties, both in the Central Bank and in other financial institutions, continue their efforts to reinstate normal foreign exchange business.