The Central Bank's Economic Indicators for January 2014
The Central Bank's Economic Indicators for January 2014 have been posted on this website.
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Standard & Poor’s: Republic of Iceland. Outlook revised to stable from negative on receding fiscal risk
On January 24, 2014, Standard & Poor's Ratings Services revised the outlook on the Republic of Iceland to stable from negative. At the same time, S&P affirmed their 'BBB-/A-3' long- and short-term foreign and local currency sovereign credit ratings on Iceland.
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Domestic foreign exchange market and foreign exchange reserves 2013
From now on, the Central Bank will report at the beginning of each year on foreign exchange market developments and changes in the foreign exchange reserves during the preceding year. Early in 2013, after a period of marked ISK depreciation in the final months of 2012, the Central Bank decided to suspend its programme of regular foreign currency purchases, and the króna appreciated significantly thereafter.
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Publication dates for Iceland's sovereign credit ratings
Credit rating agencies Standard & Poor’s, Moody’s, and Fitch are required to publish the issuance dates of EU member states’ credit ratings pursuant to Regulation no. 462/2013. The purposes of the regulation are to enhance transparency in rating agencies’ operations, improve the rating process, and increase the companies’ responsibility for the credit ratings, which have a demonstrable effect on the credit terms offered to EU member states.
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Report to the Government on inflation in excess of tolerance limits
The joint declaration issued by the Government and the Central Bank of Iceland on 27 March 2001 stipulated that, if inflation deviated by more than 1½% from the inflation target (currently 2½%), the Bank must submit a report to the Government stating the reasons for the deviation, the Bank’s planned response to it, and the length of time needed, in the Bank’s assessment, to bring inflation back to target.
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