Statement of the Monetary Policy Committee 12 December 2018
The Monetary Policy Committee (MPC) of the Central Bank of Iceland has decided to keep the Bank’s interest rates unchanged. The Bank’s key interest rate – the rate on seven-day term deposits – will therefore remain 4.5%. According to the recently published national accounts, GDP growth measured 5% for the first nine months of the year, slightly mor...
Publication calendar for 2019 published
The Central Bank of Iceland has now published its interest rate decision dates and other publication dates for next year.
Governor Már Gudmundsson one of main speakers at the 54th SEACEN Governors' Conference
Governor Már Gudmundsson was a main speaker in a session at the 54th SEACEN (South East Asian Central Banks) Governors‘ Conference which was held on 29 November – 2 December.His speech was entitled „Preserving monetary and financial stability in small, open and financially integrated economies (SOFIEs)“
Fitch affirms Iceland at A with a stable outlook
Today, Fitch Ratings affirmed Iceland’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at A with a stable outlook. According to the rating agency, this rating balances the economy’s very high income per capita, strong governance, human development and doing business metrics against a high dependence on commodity exports, vulnerability to ex...
S&P Global affirms Iceland at A/A1 with a stable outlook
Today S&P Global affirmed Iceland’s A/A-1 long- and short-term foreign and local currency sovereign credit ratings with a stable outlook. According to the rating agency, Iceland’s fiscal and external balance sheets have strengthened in recent years. However, the small, relatively concentrated economy remains vulnerable to external developments and...
Amending bill of legislation - liberalisation of capital controls on offshore króna holders and reserve requirement on capital inflows
This morning the Government agreed to present to Parliament a bill of legislation from the Minister of Finance and Economic Affairs, which provides for amendments to the Act on the Treatment of Króna-Denominated Assets Subject to Special Restrictions, no. 37/2016, and the Foreign Exchange Act, no. 87/1992.
Current account surplus 76.5 b.kr. in Q3 2018
The current account surplus measured 76.5 b.kr. in Q3/2018. There was a deficit on goods trade in the amount of 43.7 b.kr and a 123.7 b.kr. surplus on services trade, as well as a 2.4 b.kr. surplus on primary income and a 6.0 b.kr. deficit on secondary income. According to the preliminary figures, foreign assets totalled 3,380 b.kr. at the end of t...
Minutes of the MPC
Here are the minutes of the Monetary Policy Committee of the Central Bank of Iceland from the meeting held on 5 and 6 November 2018. There, the Committee discussed economic and financial market developments, the interest rate decision on 7 November, and the communication of that decision.
IMF Executive Board completes Article IV Consultation on Iceland
The Executive Board of the International Monetary Fund completed its Article IV Consultation on the status and outlook for the Icelandic economy on Friday November 9. The IMF holds similar consultations with member countries every one to two years on the basis of Article IV of the Articles of Agreement of the IMF.
The FX Global Code
The Central Bank of Iceland has acquainted itself with the FX Global Code and the principles it lays down concerning foreign exchange transactions. It has taken steps to ensure compliance with the Code and has signed a statement of commitment to this effect. The Bank considers it important that participants in the domestic foreign exchange market a...