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Iceland PM says working to get FX market going

Tue Oct 14, 2008 11:40am EDT

REYKJAVIK, Oct 14 (Reuters) - Iceland's prime minister said on Tuesday the country was trying to get its currency market working and Landsbanki was still the only bank participating in the market at the moment.

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Prime Minister Geir Haarde, speaking with journalists, said the country's drawdown of 400 million euros ($546.4 million) from Nordic swap facilities was part of the effort to facilitate normal trading.

Haarde, asked about any terms Russia might exact in exchange for a loan, said he was not aware of any "political strings" that Russia would want to attach to any financing. He said the size of a loan, if one is made, had not been determined.

Swap facilities with the central banks of Denmark, Norway and Sweden were announced on May 16 and provide for euro/Icelandic crown swaps of as much as 500 million euros with each of the central banks for a total of 1.5 billion euros.

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