07 June 2011

Results of foreign currency auction

On 23 May 2011, the Central Bank of Iceland offered to purchase Icelandic krónur against cash payment in foreign currency. The resulting auction, which took place at 11:00 hrs. today, is an element in the removal of restrictions on movement of capital as set forth in the Central Bank’s capital account liberalisation strategy, published on 25 March 2011.

The auction was structured so that all accepted offers were based on the exchange rates submitted. In all, offers were submitted for 61,134,000,000.00 kr. Offers amounting to 13,367,000,000.00 kr. were accepted, and the minimum price of accepted offers was 215.00 kr. per euro. The average accepted price was 218.89 kr. per euro.

Further information can be obtained from Már Guðmundsson, Governor of the Central Bank of Iceland, at tel: +354 569-9600.

No. 15/2011
7 June 2011