02 January 2019

Publication of MPC members’ votes and report on monetary policy framework proposals

The Monetary Policy Committee of the CBI

The Central Bank of Iceland Monetary Policy Committee (MPC) has amended its procedures so that, beginning with the first MPC meeting of 2019, each member’s vote will be specified in the minutes of the meeting concerned. Until now, members’ votes have been published once a year, in the following year’s Annual Report. This change in procedure has been adopted in response to one of the proposals from the task force appointed by the Prime Minister’s Office to review the monetary policy framework. The task force’s report was published on 5 June 2018. The change in procedure is an element in increasing transparency about the decisions taken by the MPC.

At the MPC’s meeting in December, the Committee also discussed the Central Bank’s forthcoming report to the Prime Minister concerning the Bank’s position on the proposals presented by the task force on monetary policy pertaining to changes in working procedures of the MPC and the Bank more generally. The Bank’s position on specific proposals can be found at the link below.

Monetary Policy Committee rules of procedure on the preparation of, arguments for, and presentation of monetary policy decisions

Responses to some of the proposals from the task force on monetary policy