Central Bank of Iceland - Reykjavík

The Central Bank of Iceland is an autonomous body owned by the Icelandic state. Its primary purpose is to sustain price stability. It is also responsible for promoting the implementation of the government’s economic policy, so long as this is not in conflict with its primary goal of price stability. The Bank is accountable for standard central banking tasks such as maintaining foreign reserves, ensuring a secure and efficient financial system, and managing domestic and international payments. It also oversees the issuing of coins and notes, exchange rate management, and any other duties specified in the Central Bank Act. The Central Bank accepts deposits from commercial banks, savings banks, and other credit institutions. It also trades in foreign currency and acts as a mediator in  

Show more

foreign exchange transactions. The Prime Minister appoints the Governor and Deputy Governor of the Central Bank for a five-year term. Decisions on the Bank's monetary policy control mechanisms are taken by the Monetary Policy Committee. The Governor is in charge of the Bank's other operations.