Some transactions were previously restricted. The new Foreign Exchange Act of 2021 removed the last of the capital account restrictions imposed in November 2008. Foreign exchange transactions, and cross-border payments and capital movements shall be free unless otherwise provided by law. The Central Bank of Iceland may, with the approval of the Financial Stability Committee, set rules for credit institutions on lending related to foreign currencies to parties that are not hedged against currency risk. In the rules, the Central Bank can determine the loan term, types of collateral and the maximum percentage of loans linked to foreign currencies from the credit institution's total loan portfolio. The maximum percentage can either be a percentage of the total lending of the institution in question or a special percentage for individual categories of unsecured borrowers. However, no such rules have been enacted based on the new Foreign Exchange Act.