Central Bank increases regular purchases of foreign currency
The Central Bank of Iceland has decided to increase its regular purchase of foreign exchange from market makers on the interbank market, for an undetermined period commencing 31 July 2012.
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Moody's publishes annual sovereign credit analysis on Iceland
The rating agency's report is an annual update to the markets and does not constitute a rating action.
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Central Bank of Iceland to hold foreign currency auction
The Central Bank of Iceland is offering to purchase euros in exchange for Icelandic krónur for long-term investment in the Icelandic economy, or in exchange for payment in Treasury bond series RIKS 33 0321. Furthermore, the Central Bank of Iceland advertises herewith for bids on the sale of Icelandic krónur for cash payment in foreign currency. The three auctions, which are scheduled for 29 August 2012, are an element in the removal of restrictions on movement of capital as set forth in the Bank’s capital account liberalisation strategy of 25 March 2011, and in the Bank’s Terms of foreign exchange transactions according to the Investment Programme for capital account liberalisation, dated 18 November 2011, with subsequent amendments.
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Auction calendar August-December 2012
On the following days, the Central Bank of Iceland intends to hold auctions in which it offers to purchase foreign currency under the Central Bank Investment Programme, on the one hand, and to purchase foreign currency in exchange for Treasury bonds, on the other. On these same days, the Bank also intends to hold auctions in which it offers to purchase Icelandic krónur against cash payment in foreign currency.
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Cooperative resolution achieved on Eurosystem lending
Following the failure of the three Luxembourg-based subsidiaries of Icelandic banks (Glitnir, Kaupthing and Landsbanki) in October 2008, the Eurosystem has now recovered in full the 4 billion euros in loans extended to these banks through its monetary policy operations. Close cooperation between the Banque centrale du Luxembourg (BCL) and the Central Bank of Iceland played a key role in this successful resolution.
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