03 May 2010

Amended Rules on Foreign Exchange

The Central Bank of Iceland has issued new Rules on Foreign Exchange in accordance with the provisions of the Foreign Exchange Act, no. 87/1992, with subsequent amendments, which stipulate that the Rules on Foreign Exchange must be reviewed every six months.
The new Rules took effect on 30 April 2010. The amendments that have been made to the previous Rules primarily involve changes in wording so as to ensure consistency in interpretation. The amended Rules also reduce the maximum amount for which foreign currency may be purchased for travel; more specifically, the maximum is reduced from 500,000.00 kr. per calendar month to 350,000.00 kr. per calendar month. Furthermore, certain exemptions have been amended to remove all doubt about the legality of so-called offshore trading.

Further information can be obtained from Ingibjörg Guðbjartsdóttir, head of the Capital Controls Surveillance Unit of the Central Bank of Iceland, at tel +354 569 9600.

No. 8/2010
May 3 2010