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.

 

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 decisionMPC statementsWeeks since previous interest rate decision announcementMinutes of the MPC
12. FebruaryInterest rate decision926. February
19. MarchInterest rate decision502. April
21. MayInterest rate decision904. June
11. JuneInterest rate decision325. June
20. AugustInterest rate decision1003. September
01. OctoberInterest rate decision615. October
05. NovemberInterest rate decision519. November
10. DecemberInterest rate decision524. December