Meniga CEO Georg Ludviksson shares his thoughts on the Icelandic capital controls being lifted — in…

Nine years after taking effect, in the aftermath of the global financial crisis, the Icelandic capital controls are finally being lifted.

In an article published today, The New York Times covers news from the Icelandic government that financial stability has been reached and it has ended the longstanding restrictions on the flow of money into and out of the country. Additionally, the publication covers what this could mean for the Icelandic economy which became somewhat of a symbol of the global financial crisis in 2008. Meniga CEO Georg Ludviksson shares his thoughts with The New York Times on founding and operating an international company in such restrictions and what he thinks of them being finally lifted.

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Reykjavik, Iceland

Following the 2008 global financial crisis, Iceland was faced with an unprecedented balance of payment challenge. Following approval from the International Monetary Fund (IMF), Iceland took protective measures in the form of capital controls which prevented excessive capital flight and stabilised the Icelandic economy. The enforcement of controls reduced the impact on foreign holders of ISK, insulating Icelanders and non-residents from further shock. This decisive intervention prevented a widespread economic crash, shielding resident savings and pension funds from severe depreciation.

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