Exemption requests: established precedents

General execution in specific categories of cases 

According to Article 7, Paragraph 1 of the Foreign Exchange Act, no. 87/1992, cf. Article 13(o) of the same Act, the Central Bank of Iceland is authorized to grant exemptions from prohibitions on Capital movements upon submittal of an application requesting an exemption. After evaluating a request for an exemption, the Central Bank shall consider the consequences of the capital controls for the applicant, the objective of the capital controls, and the impact that an exemption will have on monetary and exchange rate stability; cf. Article 7, Paragraph 2 of the Act.


 

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  • Derivaties transactions for plannes trade in goods and/or services

  • Exemptions for cash withdrawals of foreign currency

  • Exemptions for retroactive registration of new investments because of financial institution error

  • Exemptions from deadlines for payment of interest, indexation, dividends, and contractual instalments

  • Exemptions for sponsoring or charitable organisations’ gifts/subsidies in excess of the maximum amount