I've found the website www.icenews.is to be a very good source of information on the Icelandic krona. A few days ago they published several frequently asked questions international investors have regarding the recently enacted currency controls. Contrary to what Everbank has claimed, maturing instruments denominated in Icelandic krona can be reinvested in krona.
Iceland Currency Controls Info
Sunday, December 14, 2008
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Everbank claims it put our money - deposited under the guise of Certificate of Deposits! - into 'forward contracts' rather than secure deposits. If I had wanted to take those kind of risks, above and beyond currency valuations, I certainly would have never invested in CDs!!! None of the disclosures from Everbank ever mentioned we would be at risk of forward contracts!
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