The minutes of the MPC from the interest rate decision of 16 May 2012
Here are the minutes of the Monetary Policy Committee of the Central Bank of Iceland from the meetings held on 14 and 15 May, where the Committee discussed economic and financial market developments, the interest rate decision on 16 May, and the communication of that decision.
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Survey of market expectations
The Central Bank of Iceland began conducting quarterly surveys of market agents’ expectations at the beginning of this year concerning a variety of economic variables such as inflation and interest rates. The survey is modelled on comparable surveys carried out by central banks around the world. During the period 7-11 May the Central Bank’s second survey was carried out. A total of 35 agents in the bond market, including banks, pension funds, mutual and investment funds, securities brokers, and licensed asset management firms were invited to participate. Responses were received from 22 market agents, or 63% of those invited.
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New working paper on mandatory pension savings, private savings, home ownership and financial stability
Working paper no. 58, “Mandatory pension savings, private savings, homeownership, and financial stability”, by Ásgeir Daníelsson has been published.
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Survey of market expectations
The Central Bank of Iceland began conducting quarterly surveys of market agents’ expectations at the beginning of this year concerning a variety of economic variables such as inflation and interest rates. The survey is modelled on comparable surveys carried out by central banks around the world. During the period 7-11 May the Central Bank’s second survey was carried out.
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Central Bank of Iceland to hold foreign currency auctions
The Central Bank of Iceland is offering to purchase euros in exchange for Icelandic krónur for long-term investment in the Icelandic economy, or in exchange for payment in Treasury bond series RIKS 33 0321. Furthermore, the Central Bank of Iceland advertises herewith for bids on the sale of Icelandic krónur for cash payment in foreign currency. The three auctions, which are scheduled for 20 June 2012, are an element in the removal of restrictions on movement of capital as set forth in the Bank’s capital account liberalisation strategy of 25 March 2011, and in the Bank’s Terms of foreign exchange transactions according to the Investment Programme for capital account liberalisation, dated 18 November 2011, with subsequent amendments.
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