Adjusted balance of payments figures
Balance of payments figures published on 4 June 2024 have been corrected. The correction, which pertains to one of the components of the current account balance – more specifically, the primary income balance for Q1/2024 – affects the current account deficit. According to the new figures, the deficit is 4.9 b.kr. smaller than previously estimated. The adjusted current account surplus is therefore 35.9 b.kr., as compared with the previously published 40.8 b.kr.
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Statement of the Financial Stability Committee of the Central Bank of Iceland 5 June 2024
The Icelandic financial system is on a solid footing. The systemically important banks’ capital and liquidity are strong, and they have ready access to funding. Arrears are still at a low level despite high interest rates. It is well to bear in mind, however, that persistent inflation concurrent with weaker economic activity will present challenges for the financial system in the coming term.
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Statement of the Financial Stability Committee - webcast today
A statement of the Financial Stability Committee was published on the Central Bank of Iceland website today at 8:30 hrs. An hour later, at 9:30, a webcast from a press conference on the statement will be held. At the press conference Ásgeir Jónsson, Governor and Financial Stability Committee chair and Arnór Sighvatsson, Deputy Governor for Financial Stability, will introduce and discuss the statement.
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Current account deficit 40.8 b.kr. in Q1/2024 – net IIP positive by 41.4% of GDP
The current account deficit measured 40.8 b.kr. in Q1/2024. This represents a deterioration of 11.7 b.kr. relative to the previous quarter and 26.2 b.kr. relative to Q1/2023. At the end of the quarter, the net international investment position was positive by 1,775 b.kr., or 41.4% of GDP. It improved by 201 b.kr., or 4.6% of GDP, during the quarter.
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