You're now free to invest in Iceland ... should you be so inclined. On Sunday, the country will begin lifting its post-financial disaster capital controls, giving investors a bit more elbow room. Foreign currency investments coming in won't be subject to the existing controls.

According to a statement released by Iceland's central bank, "Investors are authorized, without restrictions, to convert into foreign currency the sales proceeds from assets in which they invest after Nov.1." The statement also said, "Previously, non-residents were fully authorized to transfer foreign currency deriving from interest and dividends on investments in Iceland."

Continue reading Iceland is now open for business once more

Iceland is now open for business once more originally appeared on BloggingStocks on Sun, 01 Nov 2009 12:00:00 EST. Please see our terms for use of feeds.

This post is part of our feature on Money Losers of 2008. See all 20.

Almost every investor might be counted as a Money Loser of 2008, but anyone who is not living in or invested heavily in Iceland should thank their lucky stars (or anything else they might like to thank). With the global economic situation called as a financial crisis, then I can only assume that the Icelandic meltdown would be a supercrisis or maybe ubercrisis.

Iceland's three largest banks essentially failed in early October of this year, partially as a result of the crisis in U.S. financial markets. As interbank loans were getting tougher and tougher to acquire, Iceland ran into trouble because its banks were too large for the country's central bank to backstop.

From January of 2008 through September, the krona, Iceland's currency, had lost about 35% against the euro. Over the past few years, the U.S. dollar has lost about half of that amount, and it was still a big deal. However, this was just the precursor to Iceland's problems. At that point, it was roughly 130 krona to each euro. By the second week of October, the currency had collapsed and the last trade was at 340 before the government takeover of the banks halted trading. Currently, the system has been stabilized, but it is still 150 krona to each euro.

Continue reading Money losers of 2008: People of Iceland as its economy collapses

Money losers of 2008: People of Iceland as its economy collapses originally appeared on BloggingStocks on Wed, 24 Dec 2008 18:00:00 EST. Please see our terms for use of feeds.