The Finance Ministry of Iceland said it would lift the remaining capital controls that have been in place since the financial crisis in 2008. The government started dismantling them last year by easing restrictions for local residents.
Iceland was the country worst affected by the financial crash, forcing the government to take drastic measures. Reykjavik broke off negotiations on EU membership, nationalized three major banks and defaulted on $85 billion in loans. The government banned the movement of capital abroad and devalued the national currency. As a result, the stock market plummeted 90 percent, unemployment jumped to 10 percent, and inflation ballooned to 18 percent. Continue reading “Iceland to end capital controls more than 8 years after banking crash”