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Effective today, Iceland is gonna return to the international market.
The government announced that it would lift almost all of the remaining capital controls,
allowing its citizens, corporations, and pension funds full access to global capital markets.
That puts an end to an 8 year struggle to clean up after the 2008 banking collapse.
For more, let's bring in Bloomberg news reporter Omar Valdimarsson, he's in Reykjavík Forest.
Omar, great to have you on the program, so where will Iceland go from here?
Some signs, it seems that the economy of Iceland is doing pretty nicely thank you right now.
It sure is, thank you. And it would be interesting to follow the next few days for in terms of what would happen.
You'll see, whether we'll see a lot of volatility in the Krona, or whether Icelandic treasury bonds and the index bonds are gonna be
very volatile, and what traders are gonna do about it.
So it's starting to kind of be an interesting time to follow.
Do you think that, obviously the treasury in Iceland are fully prepared for that kind of volatility that might come in,
and I suppose really what the market wants to know is,
is this absolute removal, complete removal of all capital controls?
Money free in, money free out.
Not completely. There are some roadblocks.
Iceland started with the try to prevent the unification of the candidate,
which basically had a lot to do with the collapse in 2008.
And there are some remnants that are still left in the process
for US funds are still locked in the capital controls, but they have about two weeks to negotiate with the government if they want to get out in this go.
It seems amazing 8 years after the crisis, Omar, seems amazing now that the government
hopes that these moves the removal of these capital controls will ease pressure on the currency to appreciate
what has been driving that currency so much stronger over recent ten months.
Well, tourists arrivals have been astronomical in Iceland.
We've gone from about 500,000 tourists to a projection of 2.3 million this year.
And you know, there's only 340,000 people living here, so that just puts a huge pressure on a lot of services and lost of period(?) instead of being ______ island(?)
And obviously, in return, the currency is well.
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Iceland Ends Capital Controls to Help Economy Recover

74 Folder Collection
Colleen Jao published on March 15, 2017    Colleen Jao translated    reviewed
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