International cooperation

The Central Bank of Iceland has extensive responsibilities and obligations in the field of international finance. The Bank cooperates closely with other central banks and international economic and monetary organisations.

 

International Monetary Fund

The Central Bank is responsible for financial relations with the International Monetary Fund on behalf of the Government. Iceland cooperates with the Nordic and Baltic countries through the Nordic-Baltic Constituency at the IMF, and they jointly elect an Executive Director as one of the Fund's 24 Executive Board members. The Annual meetings of the IMF’s Board of Governors are normally held in September or October while the International Monetary and Financial Committee (IMFC) meets both on the spring and the fall. Twice a year the Central Bank of Iceland publishes on its website the Nordic-Baltic IMF Constituency Office’s semi-annual reports on the main activities of the Fund and its Executive Board. The joint Nordic-Baltic speeches presented to the IMFC and the IMF Annual Meeting are also published on the Central Bank´s website.

 

The Bank for International Settlements (BIS)

The Central Bank is a shareholder in the Bank for International Settlements (BIS) in Basel, Switzerland, which is an important consultative forum for central banks, as well as an information and research institution in the field of monetary policy and financial stability. The Governor and other Central Bank staff members participate regularly in meetings and work carried out by the BIS.

 

Organisation for Economic Co-operation and Development (OECD)

Central Bank representatives participate in the work of various OECD committees and groups, including the Economic Policy Committee, Working Party 1, the Committee on Financial Markets, and an expert committee on government debt management. OECD experts come to Iceland on a regular basis to keep abreast of economic developments, and they issue reports setting forth the Organisation’s assessment of economic developments and prospects in Iceland.

 

Co-operation with other central banks

Central Bank of Iceland engages in a variety of tasks in co-operation with other central banks. The central banks in the Nordic region have long enjoyed close collaboration. The Bank also works regularly with the European Central Bank and other central banks in Europe.

 

Other financial institutions

The Central Bank cooperates with a large number of foreign financial institutions in connection with the management of its foreign exchange reserves, Treasury foreign debt, and other topics related to its operations.