IMF recommends Iceland keep currency controls

Business News

Nov 3, 2009, 15:44 GMT

Reykjavik - The International Monetary Fund (IMF) has recommended Iceland maintain currency controls for the time being in order to ensure a stable currency, according to a report released Tuesday. The Icelandic central bank published the 98-page report containing the IMF recommendations and an assessment of Iceland's economy. A year ago the global financial crisis sparked the collapse of three of the North Atlantic nation's major banks and a rapid depreciation of the krona. Iceland was later granted a 2.1-billion-dollar emergency loan by the IMF. About half that sum has been paid out. The IMF board last week approved a second disbursement of 167 million dollars to Iceland, and the report published Tuesday was part of that process. The central bank, Sedlabanki, over the weekend said capital restrictions were to be lifted gradually.

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