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Prohibition on new sales of NOVIS insurance products in Iceland

18.09.2020

The National Bank of Slovakia (Národná banka Slovenska, NBS), which regulates financial activities in Slovakia, has imposed a temporary ban on new sales of insurance products from NOVIS Insurance Company, NOVIS Versicherungsgesellschaft, NOVIS Compagnia di Assicurazioni, NOVIS Poisťovňa a.s. (NOVIS) until specified conditions have been satisfied. T...

Central Bank to begin regular programme of foreign currency sales

09.09.2020

The Central Bank of Iceland has decided to launch a regular programme of selling foreign currency in the domestic foreign exchange market, beginning on Monday 14 September 2020. The objectives of the purchase programme are to deepen the market and improve price formation. All else being equal, a larger and more stable supply of currency should lead...

New legislation on resolution procedures for credit institutions and investment firms

01.09.2020

The Act on Recovery and Resolution of Credit Institutions and Investment Firms, no. 70/2020, enters into force on 1 September 2020. The purpose of the new Act is to preserve financial stability and minimise the adverse implications of financial shocks by protecting insured deposits and investors, customers’ assets and vital company operations, and...

Current account surplus 7 b.kr. in Q2 – net IIP positive by 838 b.kr.

01.09.2020

The current account surplus measured 7 b.kr. in Q2/2020, as compared with a surplus of 16.7 b.kr. in the preceding quarter. The deficit on goods trade totalled 9.2 b.kr., while the surplus on services trade totalled 3.7 b.kr. There was a 19.2 b.kr. surplus on primary income and a 6.8 b.kr. deficit on secondary income.

Time of exchange rate listing and publication changes

31.08.2020

The time of the listing and publication of the official reference exchange rate of the Icelandic króna will change today, Monday 31 August 2020. From today onwards, the Central Bank of Iceland will fix the official reference exchange rate of the króna at 14:15 hrs. Central European Time (CET) – currently 12:15 hrs. Icelandic time. The reference exc...

Special temporary collateralised lending framework for COVID support loans

28.08.2020

As is mentioned in the Central Bank press release of 24 June 2020, the Bank will offer commercial banks and savings banks special collateralised loans bearing a 100% Treasury guarantee, in connection with COVID-related support loans. The collateralised loans will be offered beginning on 2 September 2020.

August Monetary Bulletin has been published

26.08.2020

August Monetary Bulletin has been published on the Central Bank's website. Monetary Bulletin is published four times a year. The August 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.

Interest rate decision, webcast and Monetary Bulletin release - today

26.08.2020

The Bank published the Monetary Policy Committee’s (MPC) interest rate decision on its website today at 08:55, followed by Monetary Bulletin at 09:00 hrs. Beginning an hour later, at 10:00 hrs., will be a press conference where an explanation will be given for the rationale behind the Committee’s decision. The contents of the new issue of Monetary...

Statement of the Monetary Policy Committee 26 August 2020

26.08.2020

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 1%.

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For further information on the benefits of establishing a business in Iceland please feel free to contact us.

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