Monetary Policy Committee
By law, decisions on the application of the Central Bank's monetary policy instruments are taken by the Monetary Policy Committee. These monetary policy instruments are its interest rate decisions, transactions with credit institutions other than loans of last resort, decisions on reserve requirements, and foreign exchange market transactions aimed at affecting the exchange rate of the króna. The members of the MPC are, from 1 July 2018: Mar Gudmundsson, Chairman, Rannveig Sigurdardóttir, Thórarinn G. Pétursson, Katrín Ólafsdóttir and Gylfi Zoëga.
Interest rate decisions, MPC statements, and minutes of MPC meetings
The Act on the Central Bank of Iceland requires that the Bank’s Monetary Policy Committee meet at least eight times a year and that it make public the minutes of its meetings and explain its decisions and the rationale behind them. Each monetary policy decision is published in a statement released by the MPC before the market opens on the day the decision is announced. The MPC publishes the minutes of its meetings two weeks after each interest rate decision is announced. The minutes contain the Committee’s assessment of economic and monetary developments and prospects and the members’ reasons for their votes. The votes of individual Committee members are made public in the Bank’s Annual Report. Further information can be found in the Monetary Policy Committee Rules of Procedure, which are approved by the Central Bank of Iceland Supervisory Board.
Interest rate announcements and publication date for the minutes of the Monetary Policy Committee.
|Date of interest rate decision||MPC statements||Weeks since previous interest rate decision announcement||Minutes of the MPC|
|07. February||Interest rate decision||8||21. February|
|14. March||Interest rate decision||5||28. March|
|16. May||Interest rate decision||9||30. May|
|13. June||Interest rate decision||4||27. June|
|29. August||Interest rate decision||11||12. September|
|03. October||Interest rate decision||5||17. October|
|07. November||Interest rate decision||5||21. November|
|12. December||Interest rate decision||5|