Changes to the Act on Foreign Exchange

The Icelandic Parliament has passed a bill changing the Act on Foreign Exchange, effective immediately.

Previously the Act allowed cross-border movement of payments of interest, indexation, dividends and contractual payments.

As of today, only interest and dividends are eligible for repatriation, based on length of ownership.

Exemption of winding-up committees of legal entities has been narrowed.

Further information in English, will available shortly on the website of the Central Bank of Iceland.