(Bloomberg) Hedge funds holding $2.3 billion in Icelandic kronur bonds will in the next two weeks learn the cost of exiting those assets after more than seven years of capital controls.The government is preparing for an auction to exchange krona-denominated Glacier bonds for foreign currency held by the central bank. The auction, which had been slated for earlier this year, is the last major step before broader capital controls on consumers and companies can be rolled back.
“We’re planning to introduce this to parliament in the first half of May,” Finance Minister Bjarni Benediktsson said in an interview on Friday in Reykjavik. “The work is going well and we’re on track with the preparations.”
