Administration and organizational chart

The Bank's direction is in the hands of the Governor. Administratively, the Bank comes under the Prime Minister and a seven-member Supervisory Board, which is elected by Parliament by a proportional vote after each general election. The Supervisory Board, which supervises the Central Bank's activities, elects a Chairman and Vice Chairman from its own ranks. Decisions on applying the Central Bank's monetary policy control mechanisms shall be taken by the Monetary Policy Committee. In other respects, the Bank's direction shall be in the hands of the Governor.  


Már Gudmundsson
Governor since 20 August 2009. 
Short CV with photos.


Deputy Governor


Rannveig Sigurdardóttir
Deputy Governor since 1 July 2018.


Principal officers

Economics and Monetary Policy: Thórarinn G. Pétursson, Chief Economist
Finance: Erla Guðmundsdóttir, Director
Financial Market Infrastructure: Guðmundur Kr. Tómasson, Director
Financial Stability: Eggert Thröstur Thórarinsson, Acting Director
Human Resources: Íris Guðrún Ragnarsdóttir, Director
International Relations and General Secretariat:  Guðrún S. Gunnarsdóttir, Director
Legal Department: Sigríður Logadóttir, General Counsel.
Operations: Thóra Helgadóttir, Director
IT: Logi Ragnarsson, Director
Statistics: Tómas Örn Kristinsson, Director
Treasury and Market Operations: Sturla Pálsson, Director
Internal Auditor: Nanna Huld Aradóttir


 The organisational chart of the Central Bank of Iceland

Supervisory Board, elected by Parliament (18 April, 2018)

Principal members:
Gylfi Magnússon Chairman
Thorunn Guðmundsdóttir Deputy Chairman
Bolli Hédinsson
Una María Óskarsdóttir
Sigurdur Kári Kristjánsson
Jacqueline Clare Mallett
Frosti Sigurjónsson

Alternate members:
Thórlindur Kjartansson
Jóhanna Vigdís Guðmundsdóttir
Hildur Traustadóttir
Valgerður Sveinsdóttir (from 14 December, 2018)
Kristín Thoroddsen
Ólafur Margeirsson
Bára Ármannsdóttir


Monetary Policy Committee

According to the Act no. 5/2009 amending the Act on the Central Bank of Iceland, no. 36/2001, decisions on applying the Central Bank’s monetary policy control mechanisms shall be taken by the Monetary Policy Committee. The control mechanisms include decisions on interest rates, part of transactions with credit institutions, decision on reserve requirements and currency market transactions. Decisions by the Monetary Policy Committee must be based on the Bank’s objectives and a thorough assessment of the current situation of and outlook for the economy and monetary issues and financial stability.

Members of the Monetary Policy Committee

Már Guðmundsson Governor of the Central Bank of Iceland, chairman,
Rannveig Sigurdardóttir Deputy Governor of the Central Bank of Iceland,
Thorarinn G. Petursson, Chief Economist of the Central Bank of Iceland,
Katrín Ólafsdóttir lecturer at the University of Reykjavik (from 5 March 2012)
Gylfi Zoëga professor in Economics at the University of Iceland.


 The Monetary Policy Committee of the CBI













A picture of the Monetary Policy Committee in March 2012.

From left to right: Thorarinn G. Petursson, Katrín Ólafsdóttir, Már Guðmundsson, Arnór Sighvatsson, and Gylfi Zoëga.


The Central Bank of Iceland conducts most of its operations at Kalkofnsvegur 1 in Reykjavík. Some activities are also housed at Einholt 4 in Reykjavík.