31.01.2011

Central Bank of Iceland Monetary Policy Committee's interest rate decisions: minor changes in timing of announcements

The timing of announcements related to the Central Bank of Iceland Monetary Policy Committee’s interest rate decisions will be changed slightly, beginning with the decision on 2 February. Henceforth, the Monetary Policy Committee statement, which sets forth the grounds for the Committee’s decision, will be published at 9:00 hrs. on the interest rate decision date instead of 11:00 hrs., as has been the custom hitherto.

Furthermore, the press conference for members of the media and financial analysts, during which the decision is explained further, will henceforth begin half an hour earlier, at 10:30 hrs. The press conference can be viewed via webcast on the Central Bank of Iceland website.

On the interest rate decision dates that coincide with the publication of the Bank’s Monetary Bulletin, the Bulletin will be published on the website at 9:00 hrs. instead of 11:00 hrs. Consequently, Monetary Bulletin will be published on the web at 9:00 hrs. on Wednesday 2 February.

These changes are made primarily to allow market agents to assess the Committee’s decision before markets open. This structure also allows members of the media, financial analysts, and other interested parties to acquaint themselves with the MPC statement prior to the press conference.
As before, however, the minutes of Monetary Policy Committee meetings will be published at 16:00 hrs. on the day falling two weeks after each interest rate decision date.

A resolution on the Procedures of the Central Bank of Iceland Monetary Policy Committee can be found on the Central Bank of Iceland website (see: Procedures of the Central Bank of Iceland Monetary Policy Committee).

Further information can be obtained from Már Guðmundsson, Governor of the Central Bank of Iceland and Chairman of the Monetary Policy Committee, at tel: +354 569-9600.

No. 6/2011
31 January 2011

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