“Iceland plans to create a set of laws to protect the island’s financial stability as it moves closer to removing capital controls that are blocking almost $6 billion in assets from exiting its markets. The country has already implemented a number of ‘prudential rules’ and is working on others, including giving regulators the power to stop ‘excessive’ capital inflows and to limit foreign-currency borrowing. Iceland imposed capital controls following the $85 billion default of Kaupthing Bank hf, Glitnir Bank hf and LBI hf in 2008. The banking crisis sent Iceland’s currency into a tailspin and forced the government to seek a $4.6 billion bailout led by the International Monetary Fund.”
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