Minutes of the MPC
Here are the minutes of the Monetary Policy Committee of the Central Bank of Iceland from the meeting held on 4 and 5 February 2019. There, the Committee discussed economic and financial market developments, the interest rate decision on 6 February, and the communication of that decision.
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MPC Meeting with a Parliamentary committee
The Act on the Central Bank of Iceland stipulates that the Monetary Policy Committee (MPC) of the Central Bank of Iceland shall submit to Parliament (Althingi) a report on its activities twice a year and that the contents of the report shall be discussed in the Parliamentary committee of the Speaker’s choosing. The seventeenth meeting was held on 21 February 2019 at 09:00 am and attendees were Governor Már Guðmundsson, Chair of the MPC and Rannveig Sigurðardóttir, Deputy Governor and MPC member.
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Monetary Bulletin 2019/1
Monetary Bulletin 2019/1 has been published on the Central Bank's website. Monetary Bulletin is published four times a year. The February issue contains updated inflation and macroeconomic forecasts and an abbreviated report on economic and monetary developments and outlook. Monetary Bulletin is also issued in Icelandic under the title Peningamál.
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Statement of the Monetary Policy Committee 6 February 2019
The Monetary Policy Committee (MPC) of the Central Bank of Iceland has decided to keep the Bank’s interest rates unchanged. The Bank’s key interest rate – the rate on seven-day term deposits – will therefore remain 4.5%. According to the Bank’s new macroeconomic forecast, published in the February Monetary Bulletin, GDP growth will slow markedly this year, to 1.8%. This is about 1 percentage point less than the Bank projected in November, and if this forecast materialises, it will be Iceland’s weakest output growth since 2012. The slowdown in growth is due in particular to a contraction in tourism. Therefore, the outlook is for the positive output gap to narrow faster than previously assumed.
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