05.03.2019

New Rules published on special reserve requirements and treatment of króna-denominated assets

Rules no. 223/2019, on Special Reserve Requirements for New Foreign Currency Inflows, and Rules no. 224/2019, on the Treatment of Króna-Denominated Assets Subject to Special Restrictions, have been published in the Law and Ministerial Gazette (Stjórnartíðindi). The amendments entailed in the Rules were announced in a press release posted on the Central Bank website on 4 March 2019. The Rules will take effect tomorrow, 6 March 2019. The new Rules on Special Reserve Requirements for New Foreign Currency Inflows will also lower the special reserve ratio (SRR) provided for the previous rules from 20% to 0%, effective 6 March 2019.

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05.03.2019

Seminar today: The CBI’s liquidity management system and a potential optimum taking into account different considerations

A seminar on the CBI‘s liquidity management system and a potential optimum taking into account different considerations will be held today at the Central Bank of Iceland at 15:00 in the conference room Sölvhóll. Speaker: Ragnheiður Jónsdóttir, economist.

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04.03.2019

Removal of capital controls on holders of offshore krónur and reduction of special reserve requirement on capital inflows

Act no. 14/2019, which amends the Foreign Exchange Act, no. 87/1992, and the Act on the Treatment of Króna-Denominated Assets Subject to Special Restrictions, no. 37/2016, was published in the Law and Ministerial Gazette (Stjórnartíðindi) on 4 March 2019; cf. the notice on the Law and Ministerial Gazette website. The amendments entailed in the Act were announced in a press release posted on the Central Bank website on 7 December 2018, when the bill of legislation was introduced. The Act will enter into force tomorrow, 5 March 2019.

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04.03.2019

Current account surplus 300 m.kr. in Q4/2018 – net IIP positive by 276 b.kr.

The current account surplus measured just under 300 m.kr. in Q4/2018. There was a deficit on goods trade in the amount of 37 b.kr and a 33.4 b.kr. surplus on services trade, as well as a 10.1 b.kr. surplus on primary income and a 6.3 b.kr. deficit on secondary income. According to the preliminary figures, foreign assets totalled 3,386 b.kr. at the end of the quarter, while foreign liabilities totalled 3,110 b.kr. The net external position was therefore positive by 276 b.kr., or 9.9% of GDP, and deteriorated by 77 b.kr., or 2.8% of GDP, during the quarter.

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20.02.2019

Minutes of the MPC

Here are the minutes of the Monetary Policy Committee of the Central Bank of Iceland from the meeting held on 4 and 5 February 2019. There, the Committee discussed economic and financial market developments, the interest rate decision on 6 February, and the communication of that decision.

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07.02.2018

Webcast