Interest on Central Bank of Iceland certificate of deposit CBI2016
With reference to Article 10, Paragraph 2 of the Act on the Treatment of Króna-Denominated Assets Subject to Special Restrictions, no. 37/2016, interest rates on the certificates of deposit specified in the Act are reviewed by the Central Bank on interest payment dates. The Central Bank has decided that as of the interest payment date, 2 June 2019, the annual interest rate on certificates of deposit in the series CBI2016 (ISIN: IS0000027068) shall change from 0.5% to 0%.
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Amended Rules on securities eligible as collateral for Central Bank facilities
The Central Bank has issued rules amending the Rules on Central Bank of Iceland Facilities for Financial Undertakings, no. 553/2009, with the aim, among other things, of expanding the range of assets that financial institutions may provide as collateral for Central Bank facilities. In the main, this entails amending Article 11 of Rules no. 553/2009, on financial collateral arrangements in connection with Central Bank facilities, to include covered bonds as eligible collateral.
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Monetary Bulletin 2019/2
Monetary Bulletin 2019/2 has been published on the Central Bank's website. Monetary Bulletin is published four times a year. The May 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 22 May 2019
The Monetary Policy Committee (MPC) of the Central Bank of Iceland has decided to lower the Bank’s interest rates by 0.5 percentage points. The Bank’s key interest rate – the rate on seven-day term deposits – will therefore be 4%. According to the Bank’s new macroeconomic forecast, published in the May issue of Monetary Bulletin, the GDP growth outlook has changed markedly since the Bank’s last forecast. Output is now forecast to contract by 0.4% this year instead of rising by 1.8%, as was forecast in February.
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Interest rate decision, webcast and Monetary Bulletin release
The Bank will publish the Monetary Policy Committee’s (MPC) interest rate decision on its website today at 08:55, followed by Monetary Bulletin 2019/2 at 09:00 hrs. Beginning an hour later, at 10:00 hrs., will be a press conference where Már Guðmundsson, Governor and Chair of the MPC, and Þórarinn G. Pétursson, Chief Economist and MPC member, will explain the rationale behind the Committee’s decision. The contents of the new issue of Monetary Bulletin will also be presented at that time.
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