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Iceland to Lift All Capital Controls

  • Iceland’s minister of finance and economic affairs, Benedikt Johannesson, has told media that his government has considered lifting capital controls in a careful and measured manner, with adequate approval from domestic as well as international support. Iceland economy imposed capital controls back in 2008 when three of its biggest banks - Glitnir, Landsbanki, and Kaupthing collapsed. Capital controls have been lifted from pension funds, businesses, and citizens, thereby integrating Iceland’s economy with the international financial markets. Reports say robust boom in tourism helped the country recover from the time of financial collapse.