Gylfi Zoëga reappointed to Central Bank of Iceland Monetary Policy Committee
The Prime Minister has reappointed Dr. Gylfi Zoëga, Professor of Economics at the University of Iceland, as a member of the Central Bank of Iceland Monetary Policy Committee (MPC) pursuant to the Act on the Central Bank of Iceland, no. 36/2001. Gylfi has been a member of the MPC since 2009.
Gylfi has been a Professor at the University of Iceland since 2003 and is also a part-time Professor at the Birkbeck College in London. He has previously worked as an economist at the World Bank and OFCE in Paris. Gylfi received his PhD in economics from Columbia University in 1993.
About the Monetary Policy Committee
According to Article 24 of the Act on the Central Bank of Iceland, no 36/2001, decisions on the application of the Bank's monetary policy instruments are taken by the Monetary Policy Committee. In this context, the Bank's monetary policy instruments include decisions on interest rates; transactions with credit institutions other than those listed in Article 7, Paragraph 2; determination of reserve requirements as provided for in Article 11; and foreign exchange market transactions as provided for in Article 18, which are intended to influence the exchange rate of the króna. Decisions by the Monetary Policy Committee must be based on the Bank's objectives and a thorough assessment of the current situation of and outlook for the economy and monetary issues and financial stability. Members of the Monetary Policy Committee are the Governor (who chairs the Committee), the Deputy Governor, and a senior Central Bank official in the field of monetary policy, as well as two external experts in the field of economic and monetary policy who are appointed by the Prime Minister for a five year term.