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### Viewing cable 08REYKJAVIK294, ICELAND: NEW FOREIGN EXCHANGE RULES EASE TRADE AND HELP

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Reference ID | Created | Released | Classification | Origin
--- | --- | --- | --- | ---
08REYKJAVIK294 | 2008-12-17 17:05 | 2011-01-13 05:05 | UNCLASSIFIED//FOR OFFICIAL USE ONLY | Embassy Reykjavik

`

    VZCZCXRO8764
    PP RUEHAG RUEHAST RUEHDA RUEHDF RUEHFL RUEHIK RUEHKW RUEHLA RUEHLN
    RUEHLZ RUEHNP RUEHPOD RUEHROV RUEHSK RUEHSR RUEHVK RUEHYG
    DE RUEHRK #0294 3521728
    ZNR UUUUU ZZH
    P 171728Z DEC 08
    FM AMEMBASSY REYKJAVIK
    TO RUEHC/SECSTATE WASHDC PRIORITY 3924
    INFO RUCPDOC/USDOC WASHDC
    RUEATRS/DEPT OF TREASURY WASHINGTON DC
    RUEHZL/EUROPEAN POLITICAL COLLECTIVE

` `

    UNCLAS REYKJAVIK 000294

    USDOC FOR LEAH MARKOWITZ
    TREASURY FOR LAWRENCE NORTON AND ERIC MEYER
    STOCKHOLM FOR FCS

    SIPDIS

    SENSITIVE

    E.O. 12958: N/A
    TAGS: ECON EFIN PGOV IC
    SUBJECT:  ICELAND: NEW FOREIGN EXCHANGE RULES EASE TRADE AND HELP
    CURRENCY APPRECIATE

    1.(SBU) Summary: The Icelandic Central Bank implemented new Rules on
    Foreign Exchange on December 4, removing some of the restrictions
    placed on access to foreign currencies in October after the collapse
    of the banking sector.  The new Rules generally allowed access to
    currency for trade purposes but not for investment or speculation in
    the krona.  This limited float resulted in a quick 25 percent
    appreciation of the krona.  On December 16, the Rules were revised
    to allow for exemptions in certain circumstances such as overseas
    investment.  Economists and business representatives tell us they
    are not happy with the arrangement and that the currency should be
    allowed to float freely.  End Summary.
    ¶2. (SBU) Following the collapse of the banking sector in October,
    the Central Bank took over all foreign exchange transactions in
    Iceland.  On October 15, it imposed immediate restrictions that
    rationed out foreign currencies and gave priority access to currency
    to importers of food, pharmaceuticals and fuel.  Everyone else
    literally had to get in line for foreign exchange and make a case of
    need.  On November 28, the Althingi (Parliament) passed new Rules on
    Foreign Exchange, which modified the restrictions and confined
    capital outflow.  The Rules freed up access to foreign currencies
    for any trade purposes, but forced Icelandic businesses to
    repatriate export-generated currency and restricted access to
    currency to be used for overseas investments.

    ¶3. (SBU) By restricting the outflow of capital, while allowing it to
    flow in, the Government was able to support the value of the krona
    in a partial float.  The result was a quick 25 percent appreciation
    over three days.  The Rules also prevented foreigners involved in
    the carry trade from cashing out of their krona denominated
    investments in exchange for foreign currency and kept Icelandic
    businesses who wanted to invest abroad in areas other than real
    estate from getting access to exchange.

    ¶4. (U) On December 15, the Central Bank, with the Ministry of
    Commerce's approval, implemented a revised set of Rules on Foreign
    Exchange, which allowed for exemptions.  These revisions allowed
    companies with 80 percent of revenues and expenses abroad to apply
    for exemptions such as permission to get access to currency for
    investment or to not return export generated currency.  The Central
    Bank said in a press release that companies would be granted
    exemptions from the Rules because of "critical interests at stake"
    and because the exemptions would be unlikely to cause volatility in
    the exchange rate.  Still prohibited is the movement of capital from
    Iceland generated by the sale of direct investments (i.e. the carry
    trade).

    ¶5. (SBU) Director of the University of Iceland's Economic Institute
    Gunnar Haraldsson thought it would have been better to let the krona
    float freely.  He likened the current situation to a system that was
    in place 30 years ago.  He noted that companies were pretty
    successful in working past the restrictions at that time, and that
    they would likely be able to do the same today.  Haraldsson said it
    is very hard to control markets and the restrictions, even with the
    new modifications, are "not intelligent."   Managing Director of the
    Chamber of Commerce Finnur Oddsson criticized the new regulations
    and doubts their usefulness.  Oddsson said the new regulations will
    hinder normal reconstruction of the Icelandic business sector and
    will damage Iceland's reputation for a long time.  Oddsson said the
    modifications implemented on December 16 had little effect on the
    Chamber's view of the restrictions.

    VAN VOORST

`