08 September 2021

Minutes of the Monetary Policy Committee meeting of 23-24 August 2021

In accordance with the Monetary Policy Committee Rules of Procedure, the minutes of the Committee's most recent meeting have been published on the Bank's website. The minutes are published two weeks after the announcement of the Committee‘s decision.

06 September 2021

Working Paper no. 87: Wages and prices of foreign goods in the inflationary process in Iceland

Central Bank of Iceland has published a research paper by Ásgeir Daníelsson, economist in the bank‘s Economics and Monetary Policy Department. The paper discusses econometric methods for estimation of equations to forecast inflation in Iceland.

02 September 2021

Current account deficit 31.1 b.kr. in Q2/2021 – net IIP positive by 36.6% of GDP

Iceland’s current account showed a deficit of 31.1 b.kr. in Q2/2021. This represents a deterioration of 8.3 b.kr. relative to the previous quarter and 24.8 b.kr. relative to Q2/2020. The deficit on goods trade totalled 55.7 b.kr., while the surplus on services trade totalled 25.2 b.kr. At the end of the quarter, the net international investment position was positive by 1,120 b.kr., or 36.6% of GDP, and improved by 79 b.kr., or 2.6% of GDP, during the quarter.

27 August 2021

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.

25 August 2021

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.