The Central Bank of Iceland announced on 25 May that a foreign currency auction would be held on 16 June 2016, in which the Central Bank of Iceland offers to purchase krónur in exchange for cash payment in foreign currency. More specifically, the Bank offers to buy krónur defined as offshore krónur according to Act no. 37/2016. The auction will take place on Thursday 16 June 2016. It will begin at 10:00 hrs. and last until 14:00 hrs. that same day. The auction is part of the comprehensive action plan to lift the capital controls; cf. the Government and Central Bank’s capital account liberalisation strategy of 8 June 2015.
Information on the auction is accessible here:
Purchase price for State-guaranteed securities in connection with the Central Bank of Iceland foreign currency auction of 16 June 2016 (Added 10. June 2016)
Terms of Auction for the purchase of Icelandic krónur by the Central Bank of Iceland in exchange for euros (Amended 13 June 2016)
Explanation of amendments to Terms of Auction (Posted 14 June 2016)
Results of foreign currency auction of 16 June 2016 (Posted 21 June 2016)
Purchase of State-guaranteed bonds in connection with the results of the Central Bank of Iceland foreign currency auction of 16 June 2016 (Posted 22 June 2016)
Terms of Tender for the purchase of foreign currency at the Central Bank auction exchange rate (Posted 22 June 2016)
Queries from owners of offshore krónur may be directed to entities that have concluded an intermediation agreement with the Central Bank:
Arion banki hf.
Clearstream Banking S.A.
Euroclear Bank S.A./N.V.
Íslandsbanki hf.
Kvika banki hf.
Landsbankinn hf.
LuxCSD