Monetary Bulletin 2023/2
Monetary Bulletin 2023/2 has been published on the Central Bank's website. Monetary Bulletin is published four times a year. The May issue contains an inflation and macroeconomic forecast, together with an in-depth analysis of economic and monetary developments and prospects. Monetary Bulletin is also issued in Icelandic under the title Peningamál.
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Statement of the Monetary Policy Committee 24 May 2023
The Monetary Policy Committee (MPC) of the Central Bank of Iceland has decided to raise the Bank’s interest rates by 1.25 percentage points. The Bank’s key interest rate – the rate on seven-day term deposits – will therefore be 8.75%.
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Statement of the MPC, publication and webcast - today
A statement of the Monetary Policy Committee was published on the Central Bank of Iceland website at 08:30 hrs. today, 24 May 2023. The Bank’s Monetary Bulletin will be published at 08:35 hrs. An hour later, at 9:30 hrs., a webcast with a press conference on the statement and the contents of the Monetary Bulletin was held.
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Survey of market expectations
The survey findings indicate that market agents expect inflation to average 9.4% in Q2/2023. They expect it to continue falling, to 6.3% one year from now and 4.5% after two years. This is a higher inflation rate than they indicated in the January survey. According to the median response in this survey, market agents expect the Central Bank’s key rate to rise by 1 percentage point in Q2/2023, to 8.5%.
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IMF mission concludes Article IV Consultation with Icelandic Government and other stakeholders
The International Monetary Fund published its Staff Concluding Statement today, after meeting with the Icelandic Government and other stakeholders over the past two weeks. The meetings were part of the Fund’s annual Article IV Consultation on developments and prospects for the Icelandic economy. Similar appraisals are carried out by IMF staff in all member countries. The Article IV mission is led by Magnus Saxegaard.
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