23.05.2017

Minutes of the second meeting of the Macroeconomic Council

The second meeting of the Macroeconomic Council was held on 6 April 2017. Members of the Council are the Prime Minister, the Minister of Finance and Economic Affairs, Minister for the Environment and Natural Resources, executives from the Confederation of Icelandic Employers, Association of Local Authorities, and Central Bank of Iceland. The objective of the Macroeconomic Council is to strengthen the coordination of economic policy with decisions in the labour market. At its meetings, the Council is to discuss the economic situation and the shared context of public sector finances, monetary policy, and labour market issues in connection with key aspects of economic policy, with particular focus on areas where coordination is lacking. The Council is to meet at least twice a year and publish the minutes of its meetings on the websites of member institutions. Central Bank Governor Már Guðmundsson signed the declaration of association of the Macroeconomic Council on behalf of the Central Bank of Iceland. At the meeting, he discussed the economic outlook and main challenges facing monetary policy. Central Bank officers attending the meeting in addition to the Governor were Chief Economist Þórarinn G. Pétursson and Deputy Chief Economist Rannveig Sigurðardóttir.

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19.05.2017

Publication of terms and conditions for purchase of offshore króna assets

With reference to press releases issued by the Central Bank on 5 May 2017, the Bank offers to purchase offshore króna assets as these are defined in the Act on the Treatment of Króna-Denominated Assets Subject to Special Restrictions, no. 37/2016, in cash and for euros, at an exchange rate of 137.5 krónur per euro. This offer applies to deposits, bills, and bonds issued by the Treasury or the Housing Financing Fund (HFF), and Central Bank certificates of deposit (CBI2016).

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18.05.2017

Central Bank suspends regular foreign currency purchases

With reference to announcements to that effect, the Central Bank of Iceland has since 2002 bought foreign currency from market makers in the foreign exchange market, albeit with several pauses, both to enable the Treasury to service its foreign debt and to support the foreign exchange reserves. In the recent term, the Bank’s regular purchases have totalled 6 million euros per week. In 2016, they totalled 312 million euros, the equivalent of 41.7 b.kr. This accounted for 11% of the Bank’s net foreign exchange purchases in the market during the year. The Bank’s large-scale purchases in recent years have led to a sizeable increase in the reserves, which means that there is no need to continue these regular purchases at present. They will be suspended beginning next week.

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17.05.2017

A webcast explaining the MPC's decision starts at 10:00

A webcast explaining the Monetary Policy Committee‘s interest rate decision starts at 10:00. At 08:55, the interest rate decision will be announced on the Bank‘s website and at 9:00 the Monetary Bulletin will be published. Már Guðmundsson, Governor of the Central Bank of Iceland and Chairman of the Monetary Policy Committee, and Thorarinn G. Petursson, Chief Economist of the Central Bank of Iceland and Monetary Policy Committee member, will explain the rationale behind the Committee‘s decision.

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17.05.2017

Monetary Bulletin 2017/2

Monetary Bulletin 2017/2 has been published on the Central Bank's website. Monetary Bulletin is published four times a year. The May issue contains updated inflation and macroeconomic forecasts and an abbreviated report on economic and monetary developments and outlook. Monetary Bulletin is also issued in Icelandic under the title Peningamál.

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04.02.2015

Webcast

05.11.2014

Webcast

11.12.2013

Webcast

23.10.2013

Statement

12.06.2013

Webcast

20.03.2013

Webcast

06.02.2013

Webcast

02.11.2011

Webcast

21.09.2011

Webcast

17.08.2011

Webcast

16.03.2011

Webcast

02.02.2011

Webcast

04.06.2009

Webcast

07.05.2009

Webcast

08.04.2009

Webcast

28.10.2008

Webcast

11.09.2008

Webcast

01.06.2007

Opening address

02.11.2004

New statistics

27.07.2004

New statistics

20.07.2004

New statistics