STOCKHOLM Iceland has proposed a further easing of capital controls imposed during the global financial crisis by raising the amount of money individuals can transfer from locked offshore Icelandic crown accounts to nearly $1 million (773,080). <\/p>\n
Around $2 billion in foreign money, most belonging to U.S.-based funds, is held in such accounts and under government proposals put forward last week depositors will be able to withdraw interest payments, indexations and dividends totalling 100 million Icelandic crowns (727,871) per year. <\/p>\n
Iceland's coalition government is likely to get the proposal, which lifts the limit from the previous level of 1 million crowns, through with its slim majority. <\/p>\n
The government said in mid-March that the remaining capital controls, imposed in 2008 to stop money from flooding out of the country, would be lifted, easing restrictions on businesses and households. <\/p>\n
As part of the process, the central bank is currently buying back offshore crown assets from foreign funds. <\/p>\n
(Reporting by Ragnhildur Sigurdardottir; writing by Johan Sennero; editing by Alexander Smith) <\/p>\n
LONDON Early indicators on Sunday showed the euro topping $1.10 for the first time since the U.S. election results, according to data from trading platform EBS, on reports of polls showing Emmanuel Macron on course to win the French presidential election. <\/p>\n
LONDON The euro topped $1.10 for the first time since the U.S. elections on Sunday and climbed to a one-year high against the safe-haven yen on relief that Emmanuel Macron had beaten the far-right Marine Le Pen to clinch the French presidency. <\/p>\n
BEIJING China's foreign exchange reserves rose in April for a third straight month, beating market expectations, as capital controls and a pause in the dollar's rally helped staunch capital outflows. <\/p>\n
<\/p>\n
Read the original here:<\/p>\n
Iceland plans to lift limit for offshore crown transfers | Reuters - Reuters<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" STOCKHOLM Iceland has proposed a further easing of capital controls imposed during the global financial crisis by raising the amount of money individuals can transfer from locked offshore Icelandic crown accounts to nearly $1 million (773,080). Continue reading