Iceland prepares for offshore króna auction
Date set for major step towards lifting capital controls
The Central Bank of Iceland is preparing for an auction of offshore króna, in a significant step towards fully lifting capital controls.
The date for the auction is set for June 16, the central bank said on May 25. Participants will have a four-hour window in which to submit bids, which will be their last opportunity to exchange offshore króna before controls are lifted for Icelandic residents.
On June 16, the central bank will sell euros in exchange for króna, but at punitive rates. One euro
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