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The expected number of tourists will hit 2.3 million this year, in a country with fewer than 400.000 people. (Photo: Hjálmar Sveinsson/norden.org)

Iceland back on track eight years after bank collapse

Capital controls on Icelandic people, firms, and pension funds will be lifted on Tuesday (14 March).

The removal of the capital controls was announced on Sunday, in addition to updates to rules on foreign exchange and special reserve requirements for new foreign currency inflows.

The capital restrictions were introduced in the wake of Iceland's financial collapse eight years ago.

In early October 2008, the Icelandic banking system, which had grown to be twelve times the GDP ...

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