Iceland offers pension funds relief from capital controls
Pension funds will have access to a limited amount of foreign currency
The Central Bank of Iceland has offered a degree of relief to domestic pension funds with a desire to invest abroad, granting a small exemption to capital controls on July 15.
Pension funds will be allowed a total of Ikr10 billion ($74 million) in foreign investment, which will be apportioned according to a weighted calculation based 70% on their size and 30% on the size of net inflows into the funds (pension contributions minus paid out benefits). Funds have until the end of the year to use
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