IMF general allocation expands Iceland’s international reserves
The International Monetary Fund (IMF) allocated special drawing rights (SDR) to its member countries on 23 August 2021, following prior approval by the Fund’s Board of Governors on 2 August. The general allocation, equivalent to a total of 650 billion US dollars, is distributed to member countries in direct proportion to their quota with the Fund. With the allocation, Iceland’s international reserves are expanded from 29% of GDP to 31% of GDP.
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Webcast, MPC statement, interest rate decision and Monetary Bulletin
A statement of the Central Bank of Iceland's Monetary Policy Committee (MPC) and the Committee's interest rate decision was published at 08:30 hrs. today on the Central Bank website.
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August Monetary Bulletin published
The August issue of Monetary Bulletin has been published on the Central Bank of Iceland website. The report is also issued in Icelandic under the title Peningamál.
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Statement of the Monetary Policy Committee 25 August 2021
The Monetary Policy Committee (MPC) of the Central Bank of Iceland has decided to raise the Bank’s interest rates by 0.25 percentage points. The Bank’s key interest rate – the rate on seven-day term deposits – will therefore be 1.25%.
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Survey of market expectations
Findings from the Central Bank of Iceland’s survey of market expectations indicate that market agents expect inflation to average 4.2% in Q3/2021 and then ease to 3% a year from now. Most respondents consider the monetary stance appropriate at present. According to the median response in the survey, market agents expect the Central Bank’s key rate to rise to 1.25% in Q3/2021 and measure 2% in one year’s time.
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