Change to Central Bank Law Passed - The Reykjavik Grapevine

Change to Central Bank Law Passed

Published February 26, 2009

A bill changing the law with regards to the Central Bank is expected to
made into law today, at which time Davíð Oddsson, the chairman of the
Central Bank, will be relieved of his duties.
The bill passed through negotiations with the Business Comittee last night, and when submitted to the parliamentary floor for a third discussion later today, it is largely expected to pass. Upon its passage, the position of Central Bank chairman will be removed, and the Prime Minister will appoint a replacement, although there is no word yet on who that replacement could be. Among other things, the bill, if it becomes a law, would also increase the role of the monetary committee.
The bill received strong support from the three parties of the minority government. The Conservatives were, not surpriisingly, opposed. No statement has yet been issued from the office of the Central Bank chairman.

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