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Minutes of the MPC

19.02.2020

As is provided for in the Monetary Policy Committee Rules of Procedure, the Bank publishes the minutes of each MPC meeting on its website two weeks after each policy rate decision. Here we therefore publish the minutes of the MPC meeting held on 3 and 4 February 2020, during which the Committee discussed economic and financial market developments,...

No gender-based pay gap at the Central Bank

19.02.2020

There is no gender-based pay gap at the Central Bank of Iceland, according to an appraisal carried out at the end of last year. The Bank was awarded equal pay certification at the beginning of 2019. The equal pay analysis taken that year showed that there was no unexplained wage gap between the sexes at the time.

February Monetary Bulletin has been published

06.02.2020

February Monetary Bulletin has been published on the Central Bank's website. Monetary Bulletin is published four times a year. The February issue contains updated inflation and macroeconomic forecasts and an abbreviated report on economic and monetary developments and outlook. Monetary Bulletin is also issued in Icelandic under the title Peningamál...

MPC Meeting with Parliamentary committee

06.02.2020

The Act on the Central Bank of Iceland stipulates that the Monetary Policy Committee (MPC) of the Central Bank of Iceland shall submit to Parliament (Althingi) a report on its activities twice a year and that the contents of the report shall be discussed in the Parliamentary committee of the Speaker’s choosing. The nineteenth meeting was held on 6...

Statement of the Monetary Policy Committee 5 February 2020

05.02.2020

The Monetary Policy Committee (MPC) of the Central Bank of Iceland has decided to lower the Bank’s interest rates by 0.25 percentage points. The Bank’s key interest rate – the rate on seven-day term deposits – will therefore be 2.75%.

Survey of market expectations

29.01.2020

The Central Bank of Iceland conducted a survey of market agents’ expectations over the period from 20 through 22 January. The survey findings suggest that market agents’ inflation expectations are broadly unchanged since the Bank’s October survey. According to the median response in this survey, participants expect inflation to measure 2.1% in Q1/2...

Monetary Policy Committee report to Parliament

20.01.2020

The Central Bank Monetary Policy Committee’s (MPC) report to Parliament (Alþingi) on the Committee’s work in H2/2019 has been posted to the Bank’s website. The report is supplemented by a wide range of supporting material spanning 178 pages. Furthermore, for the first time, the MPC report is accompanied by reports from the Committee’s external memb...

Foreign exchange market, exchange rate developments, and international reserves 2019

14.01.2020

The króna depreciated by 3.1% in 2019. Turnover in the interbank foreign exchange market totalled 188.3 b.kr. Bank’s turnover in the interbank market totalled 7.6% in 2019. The Bank's international reserves increased by roughly 86 b.kr. in 2019, to 822 b.kr. by the year-end. The Central Bank’s foreign exchange balance – i.e., the difference between...

New organisational chart for the Central Bank of Iceland

09.01.2020

A new organisational chart for the Central Bank of Iceland took effect yesterday, 8 January 2020, on the basis of the new Act on the Central Bank of Iceland, no. 92/2019. As is provided for in the Act, the Central Bank and the Financial Supervisory Authority merged at the beginning of 2020. Under the new organisational structure, some departments h...

First meeting of the Central Bank Financial Supervision Committee

04.01.2020

The first meeting of the Financial Supervision Committee was held today at the Central Bank of Iceland. The Financial Supervision Committee takes decisions entrusted to the Financial Supervisory Authority by law and Governmental directives. The Committee’s rules of procedure were approved at today’s meeting.

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Incentives

Iceland focuses on a favorable business environment, including low corporate tax, availability of land and green energy at competitive prices and efficiency within European legislative framework. New direct investment projects can apply for an investment agreement, ensuring generous regional incentives, including a corporate tax rate ceiling of only 15%.

Why Iceland

Along with having one of the lowest corporate tax rate in Europe, Iceland has a highly educated workforce which is ranked among the highest in the world, offers competitively priced renewable energy with an advanced infrastructure making Iceland an ideal location for investors