10.01.2005

Central Bank Balance Sheet at end-December 2004

The following table shows the Central Bank of Iceland’s Balance Sheet as at the end of December 2004 with comparative figures for the end of November 2004 and end of December 2003.

Since the accounts and audit for the year have not been completed, the figures for the end of December 2004 are provisional and may be subject to change.

In December, the Central Bank purchased currency in the domestic interbank market for 1.4 b.kr., which is consistent with its stated strategy of strengthening its external position. The Central Bank’s foreign reserves decreased by 1.5 b.kr. to 65.6 b.kr. at the end of the month (equivalent to 1,074 m. US dollars). While the reserves increased by 39 m. US dollars, the decrease in local currency terms is explained by exchange rate loss resulting from a 4.4% appreciation of the króna in December.

Central Bank claims on deposit money banks decreased by 1.1 b.kr. in December and amounted to 31.8 b.kr. at the end of the month. Claims on other financial institutions decreased by 0.7 b.kr. to 9 b.kr. at the end of the month.

Market value of listed securities in the Bank’s portfolio was 3.3 b.kr. at the end of December.

Central Bank liabilities towards deposit money banks increased by 2.4 b.kr. in December and amounted to 26.9 b.kr. at the end of the month, while liabilities towards other financial institutions decreased by 10.9 b.kr.

Net deposits of central government increased by 8 b.kr. during the month and stood at 17.8 b.kr. at the end of December.

Base money increased by 2.9 b.kr. in December and amounted to 38.6 b.kr. at the end of the month.

For further information, contact the Governors of the Central Bank of Iceland or Erla Árnadóttir, Chief Accountant, tel. (+354) 569-9600.


No. 2/2005
January 10, 2005




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