Lánamál ríkisins - Company Announcement

Rules No 892/2016 Amending Central Bank of Iceland Rules no. 490/2016 on special reserve requirements for new foreign currency inflows, with subsequent amendments.

Rules amending Central Bank of Iceland Rules no. 490/2016 on special reserve
requirements for new foreign currency inflows, with subsequent amendments, were
published on the Law and Ministerial Gazette website (www.stjornartidindi.is)
today. The new Rules contain amendments to Article 2and 3 of Rules no.
490/2016. First of all, changes were made to the special reserve base according
to Article 2, Items 1, 3, and 4 of the Rules, where domestic currency deposits
are only subject to the special reserve requirement when the annual interest
rate is 3.00% or higher. This accords with changes made to the special reserve
base according to Article 2, Items 2 and 5 of the Rules by means of Rules no.
537/2016 Amending Rules no. 490/2016, which took effect on 15 June 2016.
Second, the reference to Article 13(f) of the Foreign Exchange Act, no.
87/1992, in Article 2, Item 2 of the Rules has been deleted in accordance with
recent amendments to the Act. Third, changes are made to the special reserve
base according to Article 2, Items 3 and 5 of the Rules, which exempts
investments in unit shares in specified funds from the special reserve
requirement according to those provisions. Fourth, changes are made to the
wording of Article 2, Item 4 of the Rules for emphasis, but no substantive
changes have been made. Finally, individuals are exempted from the special
reserve requirement up to a specified maximum amount according to Article 3 of
the Rules, provided that they are the beneficial owners of the funds in
question. 

Attached are copies of the Rules in Icelandic and in English translation.



All questions and comments in connection with the above-described amendments
may be sent by e-mail to hb24@sedlabanki.is.

Liitteet:

Rules no 892 2016.pdf

Reglur nr 892 2016.pdf