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<!DOCTYPE html> <html lang="en"> <head> <meta charset="utf-8" /> <meta name="viewport" content="width=device-width, initial-scale=1.0" /> <meta property="og:title" content="Central Bank of Iceland" /> <meta property="og:image" content="http://sedlabanki.is/lisalib/getfile.aspx?itemid=c1887266-1c09-11e5-93fc-005056bc0bdb" /> <meta name="twitter:card" content="summary" /> <meta name="twitter:image" content="https://sedlabanki.is/lisalib/getfile.aspx?itemid=21832d3f-8324-11ea-911f-005056bc3d8f" /> <meta property="pageid" content="f7673198-09d2-11e5-93fd-005056bc2afe" /> <title>Central Bank of Iceland</title> <style type="text/css"> @import url(//fonts.googleapis.com/css?family=Open+Sans:300,400,600,700); </style> <link rel="stylesheet" type="text/css" href="/supportfiles/css/print.less?v=19000101000000" /> <link rel="stylesheet" type="text/css" href="/supportfiles/css/english.less?v=20201123101826" /> <meta name="description" content="The Central Bank of Iceland shall promote price stability, financial stability, and sound and secure financial activities." /> <link rel="stylesheet" type="text/css" href="/LisaLib/Css/Content.css"/> <script src="/LisaLib/GetSupportFile.aspx?id=fd35a1df-f7e0-11e4-93fd-005056bc2afe" type="text/javascript" ></script>  <script src="/LisaLib/GetSupportFile.aspx?id=c37fce20-1b43-11e5-93ff-005056bc2afe" type="text/javascript" ></script>  <script src="/LisaLib/GetSupportFile.aspx?id=fd35a1d9-f7e0-11e4-93fd-005056bc2afe" type="text/javascript" ></script>  <link rel="stylesheet" href="/LisaLib/GetSupportFile.aspx?id=fd35a20c-f7e0-11e4-93fd-005056bc2afe" type="text/css" />  <link rel="stylesheet" href="/LisaLib/GetSupportFile.aspx?id=30204444-fc03-11ea-9b8d-005056bccf91" tyoe="text/css" />  <link rel="stylesheet" href="//code.jquery.com/ui/1.10.1/themes/base/jquery-ui.css" />  <script src="//ajax.aspnetcdn.com/ajax/jquery.validate/1.11.1/jquery.validate.js"></script> <script src="//ajax.aspnetcdn.com/ajax/jquery.migrate/jquery-migrate-1.2.1.js"></script> <script src="//ajax.aspnetcdn.com/ajax/mvc/3.0/jquery.unobtrusive-ajax.js"></script> <script src="//ajax.aspnetcdn.com/ajax/mvc/3.0/jquery.validate.unobtrusive.js"></script> <script src="//code.jquery.com/ui/1.10.1/jquery-ui.js"></script>  <script>(function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0], j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src= 'https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer','GTM-K26LJQZ');</script>   <script src="https://cdn.cookiehub.eu/c2/aa057b27.js"></script> <script type="text/javascript"> window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('consent', 'default', {'ad_storage': 'denied', 'analytics_storage': 'denied', 'wait_for_update': 500}); document.addEventListener("DOMContentLoaded", function(event) { var cpm = {}; window.cookiehub.load(cpm); }); </script>  </head> <body class="en"> <div class="wrapper english"> <header class="navbar" role="banner" > <div class="container"> <div class="navbar-header"> <a class="navbar-brand mobile" href="/"><img src="/library/Templates/2019/logo_white.svg" alt="Logo Mobile" /></a> <a class="navbar-brand" href="/"><img src="/library/Templates/2019/logo.svg" alt="Go to frontpage - Central Bank of Iceland" /></a> <h1 class="visuallyhidden">Se冒labanki</h1> <div class="header-shortnav pull-right"> <ul class=""> <li><a href="/default.aspx?pageid=1bf92874-0542-11e5-93fa-005056bc0bdb">About the Bank</a></li> <li><a href="http://www.sedlabanki.is/um-sedlabankann/sedlabanki-islands/" class="icelandicLink">Icelandic</a></li> <li role="search" > <form action="/search/" method="get" class="searchHead"> <label for="searchBox" class="control-label sr-only">Search</label> <input type="text" name="searchstring" id="searchBox" placeholder="Search string" title="Search string"> <button type="submit" class="blueButton"><span class="sr-only">Search</span></button> </form> </li> </ul> </div> <nav class="navbar-right" id="sticky" role="navigation"><h2 class="sr-only" id="navDesktopLabel">Valmynd fyrir st忙rri skj谩i</h2><ul class="nav navbar-nav navbar-right"><li class="level1 first"><a href="/monetary-policy/" class="level1">Monetary Policy</a></li><li class="level1"><a href="/financial-stability/" class="level1">Financial Stability</a></li><li class="level1"><a href="/financial-supervision/" class="level1">Financial Supervision</a></li><li class="level1"><a href="/statistics/" class="level1">Statistics</a></li><li class="level1"><a href="/publications/" class="level1">Publications</a></li><li class="level1
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 childselected active last dropdown"><a href="/about-the-bank/central-bank-of-iceland/?" class="level1 childselected dropdown-toggle" data-toggle="dropdown">About the Bank<b class="caret"></b></a><ul class="dropdown-menu"><li class="level2 selected active first dropdown"><a href="/about-the-bank/central-bank-of-iceland/" class="level2 selected dropdown-toggle" data-toggle="dropdown">Central Bank of Iceland<b class="caret"></b></a><ul class="dropdown-menu"><li class="level3 first"><a href="/about-the-bank/central-bank-of-iceland/organisation/" class="level3">Organisation</a></li><li class="level3"><a href="/about-the-bank/central-bank-of-iceland/history-and-premises/" class="level3">History and premises</a></li><li class="level3"><a href="/about-the-bank/central-bank-of-iceland/libraries-and-collection/" class="level3">Libraries and collection</a></li><li class="level3"><a href="/about-the-bank/central-bank-of-iceland/laws-and-rules/" class="level3">Laws and rules</a></li><li class="level3"><a href="/about-the-bank/central-bank-of-iceland/personal-data-protection/" class="level3">Personal Data Protection</a></li><li class="level3 last"><a href="/about-the-bank/central-bank-of-iceland/tariff/" class="level3">Tariff</a></li></ul></li><li class="level2"><a href="/about-the-bank/international-cooperation/" class="level2">International cooperation</a></li><li class="level2"><a href="/about-the-bank/international-reserves/" class="level2">International reserves</a></li><li class="level2"><a href="/about-the-bank/government-debt-management/" class="level2">Government debt management</a></li><li class="level2"><a href="/about-the-bank/careers/" class="level2">Careers</a></li><li class="level2"><a href="/about-the-bank/media/" class="level2">Media</a></li><li class="level2 last"><a href="/about-the-bank/explanatory-notes/" class="level2">Explanatory notes</a></li></ul></li></ul></nav> </div> </div> <nav class="main" id="mobile"> <div class="bar"> <div class="wrapper"><div class="openNav"><div class="button"><a id="nav-toggle" href="#"><span></span><span class="sr-only">Opna valmynd</span></a></div></div><ul class="nav-collapse"><li data-pageid="4b641e8b-0391-11e5-93fd-005056bc2afe" class="leveling1 first"><div class="show-children"></div><a href="/monetary-policy/" class="leveling1">Monetary Policy</a><ul class="leveling1"><li class="leveling2" data-pageid="1a036506-0460-11e5-93fa-005056bc0bdb"><div class="show-children"></div><a href="/monetary-policy/monetary-policy-committee/" class="leveling2 first">Monetary Policy Committee</a><ul class="leveling2"><li class="leveling3" data-pageid="2d831eb1-0460-11e5-93fa-005056bc0bdb"><a href="/monetary-policy/monetary-policy-committee/meetings-with-parliamentary-committees-and-related-reports/" class="leveling3 first">Meetings with Parliamentary committees and related reports</a></li><li class="leveling3" data-pageid="5596b447-0460-11e5-93fa-005056bc0bdb"><a href="/monetary-policy/monetary-policy-committee/reports-to-the-government-on-inflation/" class="leveling3 last">Reports to the Government on inflation</a></li></ul></li><li class="leveling2" data-pageid="fdebb4c6-0398-11e5-93fd-005056bc2afe"><div class="show-children"></div><a href="/monetary-policy/inflation-target/" class="leveling2">Inflation target</a><ul class="leveling2"><li class="leveling3" data-pageid="457d047b-0f87-11e5-93fd-005056bc2afe"><a href="/monetary-policy/inflation-target/inflation/" class="leveling3 first">Inflation</a></li><li class="leveling3" data-pageid="ea11ff12-045f-11e5-93fa-005056bc0bdb"><a href="/monetary-policy/inflation-target/price-stability/" class="leveling3">Price stability</a></li><li class="leveling3" data-pageid="01914a2e-0460-11e5-93fa-005056bc0bdb"><a href="/monetary-policy/inflation-target/monetary-policy-transmission/" class="leveling3 last">Monetary policy transmission</a></li></ul></li><li class="leveling2" data-pageid="7fd288b8-0460-11e5-93fa-005056bc0bdb"><a href="/monetary-policy/central-bank-of-iceland-economic-forecasts/" class="leveling2">Central Bank of Iceland economic forecasts</a></li><li class="leveling2" data-pageid="9423bd1d-0460-11e5-93fa-005056bc0bdb"><div class="show-children"></div><a href="/monetary-policy/markets-and-market-operations/" class="leveling2 last">Markets and market operations</a><ul class="leveling2"><li class="leveling3" data-pageid="42774064-0eb7-11e5-93fa-005056bc0bdb"><a href="/monetary-policy/markets-and-market-operations/central-bank-of-iceland-measures/" class="leveling3 first">Central Bank of Iceland measures</a></li><li class="leveling3" data-pageid="1025f736-9b2f-11ee-9bb6-cea90ae48c85"><a href="/monetary-policy/markets-and-market-operations/cbi-market-activity-and-policy-instruments/" class="leveling3">CBI market activity and policy instruments</a></li><li class="leveling3" data-pageid="8ad35284-9b2f-11ee-9bb6-cea90ae48c85"><a href="/monetary-policy/markets-and-market-operations/markets/" class="leveling3">Markets</a></li><li class="leveling3" data-pageid="af631df5-9b2f-11ee-9bb6-cea90ae48c85"><a href="/monetary-policy/markets-and-market-operations/securities-eligible-as-collateral/" class="leveling3">Securities eligible as collateral</a></li><li class="leveling3" data-pageid="c4f07452-9b2f-11ee-9bb6-cea90ae48c85"><a href="/monetary-policy/markets-and-market-operations/payment-system/" class="leveling3 last">Payment system</a></li></ul></li></ul><div class="clearfix"></div></li><li data-pageid="2ab3b479-03a3-11e5-93fd-005056bc2afe" class="leveling1"><div class="show-children"></div><a href="/financial-stability/" class="leveling1">Financial Stability</a><ul class="leveling1"><li class="leveling2" data-pageid="0129307a-c637-4c71-ae6a-7506c189a9df"><div class="show-children"></div><a href="/financial-stability/financial-stability-committee/" class="leveling2 first">Financial Stability Committee</a><ul class="leveling2"><li class="leveling3" data-pageid="bc0941a6-83d4-4278-bdb4-1c7a04ea1613"><a href="/financial-stability/financial-stability-committee/fsn-meetings-with-parliamentary-committees-and-related-reports/" class="leveling3 first last single">FSN meetings with Parliamentary committees and related reports</a></li></ul></li><li class="leveling2" data-pageid="afe51f42-0463-11e5-93fd-005056bc2afe"><div class="show-children"></div><a href="/financial-stability/macroprudential-policy/" class="leveling2">Macroprudential policy</a><ul class="leveling2"><li class="leveling3" data-pageid="6805b216-abb4-4dba-a640-a02f590761b2"><a href="/financial-stability/macroprudential-policy/capital-buffers/" class="leveling3 first">Capital buffers</a></li><li class="leveling3" data-pageid="9f95c758-0463-11e5-93fd-005056bc2afe"><a href="/financial-stability/macroprudential-policy/foreign-exchange-balance/" class="leveling3">Foreign exchange balance</a></li><li class="leveling3" data-pageid="a8405745-0463-11e5-93fd-005056bc2afe"><a href="/financial-stability/macroprudential-policy/liquidity-and-stable-funding/" class="leveling3">Liquidity and stable funding</a></li><li class="leveling3" data-pageid="4913f57c-7cee-44d2-8de0-dc0170c85d92"><a href="/financial-stability/macroprudential-policy/restrictions-on-mortgage-lending/" class="leveling3">Restrictions on mortgage lending</a></li><li class="leveling3" data-pageid="63165d66-5afc-463e-9621-cb54ea0050ac"><a href="/financial-stability/macroprudential-policy/cbi-stress-test/" class="leveling3 last">CBI Stress test</a></li></ul></li><li class="leveling2" data-pageid="b7120589-1c2c-11ea-911b-005056bc3d8f"><div class="show-children"></div><a href="/financial-stability/oversight-of-financial-market-infrastructures/" class="leveling2">Oversight of financial market infrastructures</a><ul class="leveling2"><li class="leveling3" data-pageid="664cfdb3-1731-11ee-9bb0-005056bccf91"><a href="/financial-stability/oversight-of-financial-market-infrastructures/cyber-resilience-testing/" class="leveling3 first">Cyber resilience testing</a></li><li class="leveling3" data-pageid="0fd65b1d-09cf-11e5-93fa-005056bc0bdb"><div class="show-children"></div><a href="/financial-stability/oversight-of-financial-market-infrastructures/banknotes-and-coin/" class="leveling3 last">Banknotes and coin</a><ul class="leveling3"><li class="leveling4"><a href="/financial-stability/oversight-of-financial-market-infrastructures/banknotes-and-coin/valid-banknotes-in-circulation/" class="leveling4">Valid banknotes in circulation</a></li><li class="leveling4"><a href="/financial-stability/oversight-of-financial-market-infrastructures/banknotes-and-coin/valid-coins-in-circulation/" class="leveling4">Valid coins in circulation</a></li><li class="leveling4"><a href="/financial-stability/oversight-of-financial-market-infrastructures/banknotes-and-coin/notes-and-coin-in-circulation/" class="leveling4">Notes and coin in circulation</a></li><li class="leveling4"><a href="/financial-stability/oversight-of-financial-market-infrastructures/banknotes-and-coin/withdrawal-of-banknotes/" class="leveling4">Withdrawal of banknotes</a></li><li class="leveling4"><a href="/financial-stability/oversight-of-financial-market-infrastructures/banknotes-and-coin/reproduction-and-forgery/" class="leveling4">Reproduction and forgery</a></li></ul></li></ul></li><li class="leveling2" data-pageid="683d9600-f1c7-443f-8d95-2b240202c368"><div class="show-children"></div><a href="/financial-stability/foreign-exchange/" class="leveling2">Foreign exchange</a><ul class="leveling2"><li class="leveling3" data-pageid="1d2c75f3-5b3e-11e7-90f6-005056bc3d8f"><a href="/financial-stability/foreign-exchange/capital-controls/" class="leveling3 first last single">Capital controls</a></li></ul></li><li class="leveling2" data-pageid="1279a8b5-7cfc-11ec-9b9f-005056bccf91"><div class="show-children"></div><a href="/financial-stability/resolution-authority/" class="leveling2 last">Resolution Authority</a><ul class="leveling2"><li class="leveling3" data-pageid="2121bb0f-7cfe-11ec-9b9f-005056bccf91"><a href="/financial-stability/resolution-authority/resolution/" class="leveling3 first">Resolution</a></li><li class="leveling3" data-pageid="9758c87a-7cfe-11ec-9b9f-005056bccf91"><a href="/financial-stability/resolution-authority/resolution-plans/" class="leveling3">Resolution plans</a></li><li class="leveling3" data-pageid="08858fd0-7cff-11ec-9b9f-005056bccf91"><a href="/financial-stability/resolution-authority/mrel/" class="leveling3">MREL</a></li><li class="leveling3" data-pageid="241fc8e1-7d00-11ec-9b9f-005056bccf91"><a href="/financial-stability/resolution-authority/resolution-fund-/" class="leveling3 last">Resolution Fund </a></li></ul></li></ul><div class="clearfix"></div></li><li data-pageid="a82e28dc-2e0a-11ea-911c-005056bc3d8f" class="leveling1"><div class="show-children"></div><a href="/financial-supervision/" class="leveling1">Financial Supervision</a><ul class="leveling1"><li class="leveling2" data-pageid="f712521f-dce4-4c47-a93b-3bf4363e79a6"><a href="https://en.fme.is/about-us/financial-supervision-committee/" class="leveling2 first">Financial Supervision Committee</a></li><li class="leveling2" data-pageid="8259f1de-fbfa-4bbc-bc76-7c5c0230f57b"><a href="https://en.fme.is/supervision/" class="leveling2">Supervision</a></li><li class="leveling2" data-pageid="df0c40a8-4ce9-4ab8-b95f-15e7306eb7d3"><a href="https://en.fme.is/supervision/consumer-affairs/" class="leveling2 last">Consumer Affairs</a></li></ul><div class="clearfix"></div></li><li data-pageid="61a0fb5e-03a3-11e5-93fd-005056bc2afe" class="leveling1"><div class="show-children"></div><a href="/statistics/" class="leveling1">Statistics</a><ul class="leveling1"><li class="leveling2" data-pageid="eeb290ab-09ce-11e5-93fa-005056bc0bdb"><a href="/statistics/data/" class="leveling2 first">Data</a></li><li class="leveling2" data-pageid="17aa1bad-d69b-11e7-90f9-005056bc3d8f"><a href="https://www.cb.is/other/key-interest-rate/" class="leveling2">Interest rates</a></li><li class="leveling2" data-pageid="e602fd30-c37d-11e6-9406-005056bc0bdb"><a href="/statistics/release-calendar/" class="leveling2">Release calendar</a></li><li class="leveling2" data-pageid="f65c04bb-09ce-11e5-93fa-005056bc0bdb"><a href="/statistics/sdds/" class="leveling2">SDDS</a></li><li class="leveling2" data-pageid="f65c04c3-09ce-11e5-93fa-005056bc0bdb"><a href="/statistics/methodology/" class="leveling2">Methodology</a></li><li class="leveling2" data-pageid="7f26cc45-e5cd-11ed-9bae-005056bccf91"><div class="show-children"></div><a href="/statistics/surveys/" class="leveling2">Surveys</a><ul class="leveling2"><li class="leveling3" data-pageid="9bf04a6c-4211-4344-ac7b-4dcd1a0aeb25"><a href="/statistics/surveys/survey-of-market-expectations/" class="leveling3 first">Survey of market expectations</a></li><li class="leveling3" data-pageid="b954cf80-0f2e-400e-9ee6-cd8e810e00b5"><a href="/statistics/surveys/lending-survey/" class="leveling3 last">Lending survey</a></li></ul></li><li class="leveling2" data-pageid="684d781c-e066-11e9-911a-005056bc3d8f"><a href="/statistics/various-measures-of-inflation-expectations/" class="leveling2">Various measures of inflation expectations</a></li><li class="leveling2" data-pageid="fcac51d5-09ce-11e5-93fa-005056bc0bdb"><div class="show-children"></div><a href="/statistics/official-exchange-rate/" class="leveling2">Official exchange rate</a><ul class="leveling2"><li class="leveling3" data-pageid="7b0f42b5-04e5-11e8-8caf-d481d7105f70"><a href="/statistics/official-exchange-rate/trade-weighted-indices/" class="leveling3 first">Trade-weighted indices</a></li><li class="leveling3" data-pageid="6909b7bd-5189-45dd-bf5b-c76ea33496ef"><a href="/?PageId=6909b7bd-5189-45dd-bf5b-c76ea33496ef" class="leveling3">Time series</a></li><li class="leveling3" data-pageid="9468ed2b-09f1-11e5-93fa-005056bc0bdb"><a href="/statistics/official-exchange-rate/revised-currency-baskets/" class="leveling3">Revised currency baskets</a></li><li class="leveling3" data-pageid="56a8b44d-a762-11e7-90f9-005056bc3d8f"><a href="/statistics/official-exchange-rate/faq/" class="leveling3 last">FAQ</a></li></ul></li><li class="leveling2" data-pageid="fcac51cd-09ce-11e5-93fa-005056bc0bdb"><a href="/statistics/xml-data/" class="leveling2 last">XML data</a></li></ul><div class="clearfix"></div></li><li data-pageid="766ba718-03a3-11e5-93fd-005056bc2afe" class="leveling1"><div class="show-children"></div><a href="/publications/" class="leveling1">Publications</a><ul class="leveling1"><li class="leveling2" data-pageid="ba6ab676-0b91-11e5-93fd-005056bc2afe"><a href="http://www.cb.is/publications/news/news-all-years" class="leveling2 first">News</a></li><li class="leveling2" data-pageid="6b771c14-2efc-11e5-93fc-005056bc0bdb"><div class="show-children"></div><a href="/publications/publications/publications-all-archive/?" class="leveling2">Publications</a><ul class="leveling2"><li class="leveling3" data-pageid="782b93c9-796f-11ee-9bb6-005056bccf91"><a href="/publications/publications/previously-published-material/" class="leveling3 first last single">Previously published material</a></li></ul></li><li class="leveling2" data-pageid="fec64f70-0460-11e5-93fa-005056bc0bdb"><a href="http://www.cb.is/publications/Speeches/Speeches-all-years/?all=1&" class="leveling2">Speeches</a></li><li class="leveling2" data-pageid="5cce971b-9df6-11e7-90f7-005056bc3d8f"><a href="/publications/events/" class="leveling2">Events</a></li><li class="leveling2" data-pageid="69ea0932-e385-11e9-911a-005056bc3d8f"><a href="/publications/conferences/" class="leveling2 last">Conferences</a></li></ul><div class="clearfix"></div></li><li data-pageid="3fbf364c-0eb4-447a-a7fa-d05b9667c68b" class="leveling1 childselected last"><div class="show-children"></div><a href="/about-the-bank/central-bank-of-iceland/?" class="leveling1 childselected">About the Bank</a><ul class="leveling1"><li class="leveling2" data-pageid="f7673198-09d2-11e5-93fd-005056bc2afe"><div class="show-children"></div><a href="/about-the-bank/central-bank-of-iceland/" class="leveling2 selected first">Central Bank of Iceland</a><ul class="leveling2"><li class="leveling3" data-pageid="16fc3750-09cd-11e5-93fa-005056bc0bdb"><a href="/about-the-bank/central-bank-of-iceland/organisation/" class="leveling3 first">Organisation</a></li><li class="leveling3" data-pageid="3fd2fe5a-09cd-11e5-93fa-005056bc0bdb"><a href="/about-the-bank/central-bank-of-iceland/history-and-premises/" class="leveling3">History and premises</a></li><li class="leveling3" data-pageid="3fd2fe62-09cd-11e5-93fa-005056bc0bdb"><a href="/about-the-bank/central-bank-of-iceland/libraries-and-collection/" class="leveling3">Libraries and collection</a></li><li class="leveling3" data-pageid="4c99ad04-09cd-11e5-93fa-005056bc0bdb"><a href="/about-the-bank/central-bank-of-iceland/laws-and-rules/" class="leveling3">Laws and rules</a></li><li class="leveling3" data-pageid="638c007b-b1dc-11e8-9101-005056bc3d8f"><a href="/about-the-bank/central-bank-of-iceland/personal-data-protection/" class="leveling3">Personal Data Protection</a></li><li class="leveling3" data-pageid="4c99ad0c-09cd-11e5-93fa-005056bc0bdb"><a href="/about-the-bank/central-bank-of-iceland/tariff/" class="leveling3 last">Tariff</a></li></ul></li><li class="leveling2" data-pageid="18f3c86a-09d5-11e5-93fd-005056bc2afe"><a href="/about-the-bank/international-cooperation/" class="leveling2">International cooperation</a></li><li class="leveling2" data-pageid="21b627f2-09d5-11e5-93fd-005056bc2afe"><a href="/about-the-bank/international-reserves/" class="leveling2">International reserves</a></li><li class="leveling2" data-pageid="2a631c33-09d5-11e5-93fd-005056bc2afe"><a href="/about-the-bank/government-debt-management/" class="leveling2">Government debt management</a></li><li class="leveling2" data-pageid="8823f429-a22e-11e9-9113-005056bc3d8f"><div class="show-children"></div><a href="/about-the-bank/careers/" class="leveling2">Careers</a><ul class="leveling2"><li class="leveling3" data-pageid="35d31f82-a0f6-11eb-9b94-005056bccf91"><a href="/about-the-bank/careers/equal-pay-policy/" class="leveling3 first last single">Equal Pay Policy</a></li></ul></li><li class="leveling2" data-pageid="5d3b80fc-20b5-11ea-911b-005056bc3d8f"><a href="/about-the-bank/media/" class="leveling2">Media</a></li><li class="leveling2" data-pageid="72f667dc-09ce-11e5-93fa-005056bc0bdb"><a href="/about-the-bank/explanatory-notes/" class="leveling2 last">Explanatory notes</a></li></ul><div class="clearfix"></div></li><li class="leveling1"><a href="http://www.sedlabanki.is" class="leveling2">Icelandic</a></li><li class="leveling1 leit"><br /><div class="leit"><form action="/Leit" method="get" class="searchHead"><label for="searchBoxRe">Leit</label><input type="text" name="searchstring" id="searchBoxRe" placeholder="Search" /><input type="submit" class="blueButton" value="Leita" /></form></div></li></ul></div> </div> </nav> </header> <div class="breadcrumbs hidden-xs hidden-sm"> <div class="container"><ul id="breadcrumbs" class="pull-right"><li><a href="/" title="Frontpage">Front page</a><img src="/themes/Bootstrap/img/divider.png" /></li><li><a href="/about-the-bank/central-bank-of-iceland/" onclick="" title="PageName">About the Bank</a><img src="/themes/Bootstrap/img/divider.png" /></li><li class="last"><a href="/about-the-bank/central-bank-of-iceland/" onclick="" title="PageName">Central Bank of Iceland</a></li></ul></div> </div> <div class="container main" role="main"><aside class="left col-md-3 hidden-xs hidden-sm" > <ul class="sidbarNav"><li data="/about-the-bank/central-bank-of-iceland/" class="sprite sbar level2 selected first "><div style="display:none">/about-the-bank/central-bank-of-iceland/</div><a href="/about-the-bank/central-bank-of-iceland/">Central Bank of Iceland</a><span class="arrow"></span></li><ul class="sidbarNav"><li data="/about-the-bank/central-bank-of-iceland/organisation/" class="sprite sbar level3 first "><div style="display:none">/about-the-bank/central-bank-of-iceland/organisation/</div><a href="/about-the-bank/central-bank-of-iceland/organisation/">Organisation</a><span class="arrow"></span></li><li data="/about-the-bank/central-bank-of-iceland/history-and-premises/" class="sprite sbar level3 "><div style="display:none">/about-the-bank/central-bank-of-iceland/history-and-premises/</div><a href="/about-the-bank/central-bank-of-iceland/history-and-premises/">History and premises</a><span class="arrow"></span></li><li data="/about-the-bank/central-bank-of-iceland/libraries-and-collection/" class="sprite sbar level3 "><div style="display:none">/about-the-bank/central-bank-of-iceland/libraries-and-collection/</div><a href="/about-the-bank/central-bank-of-iceland/libraries-and-collection/">Libraries and collection</a><span class="arrow"></span></li><li data="/about-the-bank/central-bank-of-iceland/laws-and-rules/" class="sprite sbar level3 "><div style="display:none">/about-the-bank/central-bank-of-iceland/laws-and-rules/</div><a href="/about-the-bank/central-bank-of-iceland/laws-and-rules/">Laws and rules</a><span class="arrow"></span></li><li data="/about-the-bank/central-bank-of-iceland/personal-data-protection/" class="sprite sbar level3 "><div style="display:none">/about-the-bank/central-bank-of-iceland/personal-data-protection/</div><a href="/about-the-bank/central-bank-of-iceland/personal-data-protection/">Personal Data Protection</a><span class="arrow"></span></li><li data="/about-the-bank/central-bank-of-iceland/tariff/" class="sprite sbar level3 last "><div style="display:none">/about-the-bank/central-bank-of-iceland/tariff/</div><a href="/about-the-bank/central-bank-of-iceland/tariff/">Tariff</a><span class="arrow"></span></li></ul><li data="/about-the-bank/international-cooperation/" class="sprite sbar level2 "><div style="display:none">/about-the-bank/international-cooperation/</div><a href="/about-the-bank/international-cooperation/">International cooperation</a><span class="arrow"></span></li><li data="/about-the-bank/international-reserves/" class="sprite sbar level2 "><div style="display:none">/about-the-bank/international-reserves/</div><a href="/about-the-bank/international-reserves/">International reserves</a><span class="arrow"></span></li><li data="/about-the-bank/government-debt-management/" class="sprite sbar level2 "><div style="display:none">/about-the-bank/government-debt-management/</div><a href="/about-the-bank/government-debt-management/">Government debt management</a><span class="arrow"></span></li><li data="/about-the-bank/careers/" class="sprite sbar level2 "><div style="display:none">/about-the-bank/careers/</div><a href="/about-the-bank/careers/">Careers</a><span class="arrow"></span></li><li data="/about-the-bank/media/" class="sprite sbar level2 "><div style="display:none">/about-the-bank/media/</div><a href="/about-the-bank/media/">Media</a><span class="arrow"></span></li><li data="/about-the-bank/explanatory-notes/" class="sprite sbar level2 last "><div style="display:none">/about-the-bank/explanatory-notes/</div><a href="/about-the-bank/explanatory-notes/">Explanatory notes</a><span class="arrow"></span></li></ul> </aside> <div class="milliforsida subpage col-md-9"> <h1>Central Bank of Iceland</h1> <div class="l-user-content"><p><em> </em> <span>The Central Bank of Iceland is an independent institution owned by the State. The Act on the Central Bank of Iceland, no. 92/2019, stipulates that the Bank shall promote price stability, financial stability, and sound and secure financial activities. The Bank鈥檚 activities fall within the purview of the Prime Minister, but matters relating to financial stability and financial markets are administered by the Ministry of Finance and Economic Affairs. In addition to the above-listed roles, the Bank shall undertake such tasks as are consistent with its role as a central bank, such as maintaining international reserves and promoting a safe, effective financial system, including domestic and cross-border payment intermediation.</span></p> <p><span>The Bank is also required under the Central Bank Act to promote the implementation of the Government鈥檚 economic policy as long as it does not consider such policy inconsistent with the Bank鈥檚 objectives.</span></p></div><div class="subcategories-container" xmlns:control="lisa:ControlInfo"><div class="row"><div class="col-md-6"><div class="pages"><h2><a href="/monetary-policy/monetary-policy-committee/">Price stability</a></h2><p><span>According to the joint declaration issued by the Government of Iceland and the Central Bank of Iceland on 27 March 2001, the Bank shall aim at a rate of inflation, measured as the twelve-month increase in the consumer price index (CPI), of as close to 2陆% as possible. The Act on the Central Bank of Iceland grants the Bank full independence in applying its monetary policy instruments so as to achieve the price stability objective.<br /> These monetary policy instruments are the Bank鈥檚 interest rates, facilities for credit institutions (apart from loans of last resort), minimum reserve requirements, foreign exchange market transactions, and securities transactions. A five-member Monetary Policy Committee (MPC) takes strategic decisions on the application of the Bank鈥檚 monetary policy instruments.</span></p><span class="more"><a href="/monetary-policy/monetary-policy-committee/"> More </a></span></div></div><div class="col-md-6"><div class="pages"><h2><a href="/financial-stability/">Financial Stability</a></h2><p><span>Financial stability means that the financial system is equipped to withstand shocks to the economy and financial markets, to mediate credit and payments, and to diversify risks appropriately. The Financial Stability Committee (FSN) of the Central Bank of Iceland takes decisions on the application of the Bank鈥檚 financial stability policy instruments. The Committee is tasked with assessing the current situation and outlook for the financial system, systemic risk, and financial stability; defining the measures necessary to ensure financial stability; and deciding which entities, infrastructure elements, or markets shall be considered systemically important. When warranted, the FSN may make recommendations to the appropriate Governmental authorities concerning the measures needed to strengthen and preserve financial stability.</span></p><span class="more"><a href="/financial-stability/"> More </a></span></div></div></div><div class="row"><div class="col-md-6"><div class="pages"><h2><a href="/financial-supervision/">Sound and secure financial activities</a></h2><p><p style="text-align: left;"><span>The Central Bank is responsible for the tasks entrusted by law and Governmental directives to the Financial Supervisory Authority, which is now part of the Central Bank. The Bank shall monitor supervised entities to ensure that their activities are in compliance with the law and with Governmental directives, and that they are in other respects consistent with sound and appropriate business practices; cf. the Act on Official Supervision of Financial Activities; cf. Article 2, Paragraph 4 of the Act on the Central Bank of Iceland, no. 92/2019.<br /> Decisions entrusted to the Financial Supervisory Authority by law or Governmental directive are taken by the Central Bank of Iceland or by the Bank鈥檚 Financial Supervision Committee; cf. Article 3, Paragraph 2 of Act no. 92/2019.</span></p></p><span class="more"><a href="/financial-supervision/"> More </a></span></div></div><div class="col-md-6"><div class="pages"><h2><a href="/monetary-policy/markets-and-market-operations/">Markets</a></h2><p><span>The Markets Department oversees the domestic money market and currency market, as well as undertaking transactions with domestic financial institutions. It manages the Bank鈥檚 international reserves and oversees government debt affairs, as well as Treasury guarantees and relending. The Department also oversees communications with the foreign financial institutions with which the Central Bank and the Treasury conduct business. Furthermore, it administers the Bank鈥檚 interbank payment system, as well as overseeing domestic and cross-border payments for the Bank, the Treasury, and State enterprises.</span></p><span class="more"><a href="/monetary-policy/markets-and-market-operations/"> More </a></span></div></div></div></div><div class="shortcut"><div class="subcategories-container mt-0"><h2>Shortcuts</h2><div class="shortcut__grid"><div class="shortcut__item"><a href="/about-the-bank/central-bank-of-iceland/organisation/">Organisation</a></div><div class="shortcut__item"><a href="/about-the-bank/international-reserves/">International reserves</a></div><div class="shortcut__item"><a href="/about-the-bank/media/">Media</a></div><div class="shortcut__item"><a href="/about-the-bank/careers/">Careers/Vacancies</a></div><div class="shortcut__item"><a href="/about-the-bank/government-debt-management/">Government debt management</a></div><div class="shortcut__item"><a href="/about-the-bank/explanatory-notes/">Explanatory notes</a></div><div class="shortcut__item"><a href="/about-the-bank/central-bank-of-iceland/laws-and-rules/">Laws and rules</a></div><div class="shortcut__item"><a href="/about-the-bank/central-bank-of-iceland/libraries-and-collection/">Libraries and collection</a></div><div class="shortcut__item"><a href="/about-the-bank/central-bank-of-iceland/history-and-premises/">History and premises</a></div></div></div></div></div></div> </div>  <footer role="contentinfo"> <div class="container"> <div class="footer__item footer__item--first"><div class="l-user-content"><h2>The Central Bank of Iceland</h2> <p>Kalkofnsvegi 1, 101 Reykjav铆k</p>  <a class="footer__link footer__link--map " href="/frontpage/map/" title="A map that shows the location of The Central Bank of Iceland">Map</a> <p> </p> <p>Nat. reg. no. 560269-4129<br /> Swift: SISLISRE</p></div><div class="l-user-content"><div class="vottanir"><figure><a class="equal-pay" href="/about-the-bank/careers/equal-pay-policy/" title="Jafnlaunavottun"><img alt="Equal Pay Certificate" src="/library/Templates/2019/Jafnlaunavottun_an_texta_f_ljosan_grunn.png" /></a></figure><div class="bsi"><figure><img alt="BSI" src="/library/Templates/2019/mark-of-trust-certified-ISOIEC-27001-information-security-management-black-logo-En-GB-1019.png" /></figure><p>IS 755434</p></div></div></div></div> <div class="footer__item footer__item--second"><div class="l-user-content"><h2><a class="footer__link footer__link--phone" href="tel:003545699600" title="Hringja 铆 Se冒labanka 脥slands">+354 569 9600</a></h2> <p>Office hours 9 - 12 and 13 - 16<br /> <a href="mailto:sedlabanki@sedlabanki.is" title="Send an email to the Central Bank of Iceland"><span style="text-decoration: underline;">sedlabanki@sedlabanki.is</span></a><br />  </p> <p> <br /> <a href="https://databank.is/" target="_blank">Databank</a><br /> <a href="/publications/newsletter-registration/">Mailing list registration</a></p></div></div> <div class="footer__item footer__item--third"><div class="shortcuts "><h2>Information</h2><div class="shortcut__item"><a href="/about-the-bank/media/" class="shortcut__link"><div class="shortcut__text">Media</div></a></div><div class="shortcut__item"><a href="/other/copyright/" class="shortcut__link"><div class="shortcut__text">Copyright and disclaimer</div></a></div><div class="shortcut__item"><a href="/other/site-map/" class="shortcut__link"><div class="shortcut__text">Site map</div></a></div><div class="shortcut__item"><a href="/other/public-holidays-in-iceland/" class="shortcut__link" target="_blank"><div class="shortcut__text">Public holidays in Iceland</div></a></div><div class="shortcut__item"><a href="" class="shortcut__item ch2-open-settings-btn"><div class="shortcut__text">Cookie Settings</div></a></div></div><div class="shortcuts shortcuts--oneColumn shortcuts--social-icons"><div class="shortcut__item"><a href="https://www.facebook.com/Central-Bank-of-Iceland-110120807198995/" class="shortcut__link icon__Facebook" target="_blank"><div class="shortcut__text">Facebook</div></a></div><div class="shortcut__item"><a href="https://twitter.com/centralbank_is" class="shortcut__link icon__Twitter" target="_blank"><div class="shortcut__text">Twitter</div></a></div><div class="shortcut__item"><a href="https://www.linkedin.com/company/central-bank-of-iceland/ " class="shortcut__link icon__LinkedIn" target="_blank"><div class="shortcut__text">LinkedIn</div></a></div></div></div> </div> </footer> <script src="/LisaLib/GetSupportFile.aspx?id=ac13ad8f-fb15-11e4-93fd-005056bc2afe" type="text/javascript" ></script>   <script async src="https://www.googletagmanager.com/gtag/js?id=UA-10506683-1"></script> <script> window.dataLayer = window.dataLayer || []; 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