Iceland: Currency auctions resumed

Following on from our Marketflash M14004, dated 31 January 2014, the Central Bank of Iceland (CBI) is pursuing its auction programme of regular purchases of foreign currency.

The next three auctions, designed to encourage long-term investment in the Icelandic economy, are scheduled for 2 September 2014, consisting of the following CBI offers:

To purchase Euros in exchange for Icelandic Krónur for long-term investment in the Icelandic economy;
To purchase Euros in exchange for payment in Treasury bond series RIKS 33 0321;
To sell Icelandic Krónur for cash payment in foreign currency.

The three auctions are an element in the removal of restrictions on movement of capital as set forth in the Bank’s capital account liberalisation strategy of 25 March 2011, and in the Bank’s Terms of foreign exchange transactions according to the Investment Programme for capital account liberalisation, dated 18 November 2011, with subsequent amendments.

Further information can be obtained from the terms of auction, from http://www.cb.is/ under Publications & Speeches / News & Speeches, or from http://www.sedlabanki.is/ or from Mr Már Guðmundsson, Governor of the CBI, at telephone: +354 569-9600.

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