Amended Terms of Auction for the purchase of Icelandic krónur by the Central Bank of Iceland in exchange for foreign currency
The Central Bank of Iceland has amended the Terms of Auction for the Bank’s purchase of Icelandic krónur in exchange for foreign currency. The auction that was announced on 9 December 2014 will be held on 10 February 2015.
The amendment authorises commercial banks to collect offers based on non-residents’ ISK assets amounting to less than 1 million krónur; furthermore, the minimum offer commercial banks may submit is lowered to 25 million krónur. Moreover, the duration of the auction has been lengthened to 60 minutes. The auction will begin at 10:45 hrs. on 10 February 2015 and will last until 11:45 hrs. No other substantive amendments have been made to the Terms of Auction.
The objectives of the amendments are to enable foreign creditors to participate in the auction using amounts under 1 m.kr. and to enable commercial banks to collect offers from their customers and submit them on their customers’ behalf in smaller amounts than were authorised in previous auctions.
Further information can be obtained from Már Guðmundsson, Governor of the Central Bank of Iceland, at tel: +354 569-9600.
Terms of Auction for the purchase of Icelandic krónur by the Central Bank of Iceland in exchange for foreign currency. Transaction date: 10 February 2015 (PDF document)
21 January 2015