May 18, 2017 / 8:17 PM / 8 months ago

Iceland says to suspend regular foreign currency purchases

STOCKHOLM, May 18 (Reuters) - Iceland will halt its regular foreign currency purchases from next week due to the growth of its foreign reserves, the central bank said on Thursday.

Since 2002, the central bank has bought foreign currency on the foreign exchange market to enable the Treasury to service its foreign debt and to maintain its foreign exchange reserves.

Recently the bank has been buying 6 million euros per week and in 2016 the purchases amounted to 312 million euros, equivalent to 41.7 billion Icelandic crowns, the bank said in a statement.

“The Bank’s large-scale purchases in recent years have led to a sizeable increase in the reserves, which means that there is no need to continue these regular purchases at present”. (Reporting by Johan Sennero; Editing by Hugh Lawson)

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