05.03.2019

New Rules published on special reserve requirements and treatment of króna-denominated assets

Central Bank of Iceland

Rules no. 223/2019, on Special Reserve Requirements for New Foreign Currency Inflows, and Rules no. 224/2019, on the Treatment of Króna-Denominated Assets Subject to Special Restrictions, have been published in the Law and Ministerial Gazette (Stjórnartíðindi); cf. the notice on the Law and Ministerial Gazette website (5 march 2019). The amendments entailed in the Rules were announced in a press release posted on the Central Bank website on 4 March 2019.

The Rules will take effect tomorrow, 6 March 2019.

The new Rules on Special Reserve Requirements for New Foreign Currency Inflows will also lower the special reserve ratio (SRR) provided for the previous rules from 20% to 0%, effective 6 March 2019.


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