Interest on Central Bank of Iceland certificate of deposit CBI2016
With reference to Article 10, Paragraph 2 of the Act on the Treatment of Króna-Denominated Assets Subject to Special Restrictions, no. 37/2016, interest rates on the certificates of deposit specified in the Act are reviewed by the Central Bank on interest payment dates.
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Current account surplus 11.4 b.kr. in Q1 - IIP positive by 692 b.kr.
The current account surplus measured 11.4 b.kr. in Q1/2020, as compared with a surplus of 50.9 b.kr. in the preceding quarter. The deficit on goods trade totalled 18.6 b.kr., while the surplus on services trade totalled 24 b.kr. There was a 14.2 b.kr. surplus on primary income and a 8.3 b.kr. deficit on secondary income. The net international investment position was positive by 692 b.kr., or 23.3% of GDP, and improved by 64 b.kr., or 2.2% of GDP, during the quarter.
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May Monetary Bulletin has been published
May Monetary Bulletin 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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Statement of the Monetary Policy Committee 20 May 2020
The Monetary Policy Committee (MPC) of the Central Bank of Iceland has decided to lower the Bank’s interest rates by 0.75 percentage points. The Bank’s key interest rate – the rate on seven-day term deposits – will therefore be 1%. The Committee has also decided to stop offering 30-day term deposits. This entails that the Bank’s key rate will be more effective and the Bank’s policy rate signal clearer. Other things being equal, this measure should increase liquidity in circulation and further strengthen monetary policy transmission.
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Webcast from a press conference 20 May 2020
Ásgeir Jónsson, Governor and Chair of the MPC, Rannveig Sigurdardottir, Deputy Governor, and Thórarinn G. Pétursson, Chief Economist, explained the rationale behind the Committee’s decision. The contents of the new issue of Monetary Bulletin was also presented.
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