Iceland has proposed a further easing of capital controls imposed during the global financial crisis by raising the amount of money individuals can transfer from locked offshore Icelandic crown accounts to nearly $1 million. Around $2 billion in foreign money, most belonging to US-based funds, is held in such accounts and under government proposals put forward last week depositors will be able to withdraw interest payments, indexations and dividends totalling 100 million Icelandic crowns ($942,951) per year. Iceland's coalition government is likely to get the proposal, which lifts the limit from the previous level of 1 million crowns, through with its slim majority.

Copyright Reuters, 2017