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Iceland ends controls imposed after 2008 financial crisis

Central Bank of IcelandIceland's government and central bank on Sunday announced the end of all capital controls imposed after the 2008 financial crisis.

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The capital controls, which in-part restricted the flow of the Icelandic Króna currency in and out of the country, will "largely" end on Tuesday.

"Conditions in the global economy are currently favorable for liberalization of the capital controls," the Central Bank of Iceland said.

The International Monetary Fund supported Iceland's decision to impose capital controls to stabilize and prevent further depreciation of Iceland's economy after the country's biggest banks - Glitnir, Landsbanki and Kaupthing - collapsed, also causing the Króna to lose value.

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