Financial Stability report published
The Financial Stability report of the Central Bank of Iceland, second issue 2022, has been published. The Bank’s semi-annual Financial Stability report presents an overview of the position of the financial system, its strengths and potential weaknesses, and the macroeconomic and operational risks it may face. In addition, it explains how the Central Bank carries out the tasks necessary for the operation of a sound and effective financial system. Financial Stability is also published in Icelandic under the title Fjármálastöðugleiki.
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Statement of the Financial Stability committee 28 September 2022
The global economic outlook has deteriorated recently, which would adversely affect the Icelandic economy. Trading partner inflation is at its highest in decades, and central banks have resorted to steep policy rate hikes. Furthermore, the war in Ukraine has pushed energy prices upwards in Europe and, along with other factors, has exacerbated uncertainty. Risks to financial stability in Iceland have increased because of worsening external conditions, and the balance of risk is tilted to the downside.
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Statement of the Financial Stability Committee and publication of Financial Stability report - today
A statement of the Financial Stability Committee will be published at 8:30 today 28 September 2022 on the Central Bank of Iceland website. The banks Financial stability Report will be published at 08:35.
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Minutes of the Monetary Policy Committee meeting of 22-23 August 2022
In accordance with the Monetary Policy Committee Rules of Procedure, the minutes of the Committee's most recent meeting have been published on the Bank's website. The minutes are published two weeks after the announcement of the Committee‘s decision.
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Current account deficit 39.1 b.kr. in Q2 2022 – net IIP positive by 24.7% of GDP
Iceland’s current account showed a deficit of 39.1 b.kr. in Q2/2022. This represents an improvement of 5.9 b.kr. relative to the previous quarter but a deterioration of 6.4 b.kr. relative to Q2/2021. The deficit on goods trade totalled 40.2 b.kr., while the surplus on services trade totalled 33.3 b.kr. The deficit on primary income was 22.3 b.kr., and the deficit on secondary income was 9.8 b.kr. The net international investment position was positive by 863 b.kr., or 24.7% of GDP, and deteriorated by 200 b.kr., or 5.7% of GDP, during the quarter. Foreign assets totalled 4,600 b.kr. at the end of the quarter, while foreign liabilities totalled 3,737 b.kr.
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