Foreign exchange market, exchange rate developments, and international reserves 2022
The króna depreciated by 2.1% in 2022, and turnover in the interbank foreign currency market increased by 6% year-on-year. The Central Bank traded in the market to mitigate exchange rate volatility as it deemed warranted. Although the Bank both bought and sold currency in 2022, its net foreign currency purchases for the year totalled 13.2 b.kr.
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Monetary Policy Committee report to Parliament
The Central Bank of Iceland Monetary Policy Committee’s (MPC) report to Parliament (Alþingi) on the Committee’s work in H2/2022 has been posted on the Bank’s website.
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New Central Bank organisational chart – changes to financial supervision structure
The Central Bank of Iceland has made changes to its organisational chart effective today, Thursday 12 January 2023. The changes entail a reduction in the number of supervisory departments from four to two, but they do not entail any reductions in staffing.
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Minutes of the Financial Stability Committee December meeting
The minutes of the Financial Stability Committee December meeting has been published. The Committee discussed the current situation and outlook for financial stability and the principal risks to financial stability, such as economic developments, risks in the operations of financial institutions and the financial system, developments in domestic financial markets, household and corporate debt, the real estate market, the efficacy of borrower-based measures, financial institutions’ capital position, and the financial cycle.
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Amended Rules on Current Accounts with the Central Bank of Iceland
The Rules on Current Accounts in the Central Bank of Iceland, no. 18/2022, have been amended and reissued under a new title: Rules on Current Accounts and Non-Interest-Bearing Accounts with the Central Bank of Iceland, no. 1644/2022. The amendments centre mainly on the authorisation for credit institutions to open non-interest-bearing accounts with the Central Bank.
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