International banking transactions will be back to normal after the weekend
At a press conference today, October 8, Iceland’s Prime Minister, Geir H. Haarde said that the Icelandic Central Bank will have all banking transactions between countries up and running after the weekend. All countries are currently looking for ways to protect their interests and The Icelandic Financial Supervisory Authority has taken control of two of Iceland’s banks, Landsbanki and Glitnir. The Prime Minister repeated that all accounts and deposits in Iceland are safe and they are currently looking for ways to insure at least a portion of credit balances in money market funds. The Icelandic Central Bank was unable to keep the exchange value of the krona locked at a certain level in the interbank market. Therefore people should keep track of krona exchange rates. People are encouraged to stay calm and remain patient over the next few days while these problems are solved. The Intercultural Centre wants to remind the residents of Iceland that we are all in the same boat so it is important to stand together.