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Tourism Not Fuelling Inflation, Says Tourist Association
The head of the Icelandic Travel Industry Association (SAF) insists that the constant influx of tourists into Iceland is not fuelling the country’s current inflation levels. Inflation in Iceland was 6.79 percent in January 2024. SAF managing director Jóhannes Þór Skúlason told…
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Central Bank Warns Against Use Of Cryptocurrencies
The Icelandic Central Bank has warned against the use of cryptocurrencies, RÚV reports, due to the lack of regulatory protection. The bank has no real oversight of the production of cryptocurrencies in the country, and very little control over how they are…
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Iceland Central Bank Employees Complain About Nude Paintings
Complaints have been filed about the appropriateness of several classic Icelandic paintings, some of which feature nude subjects, hanging on the walls of the Central Bank. The complaints are reportedly being taken seriously by management, but no decision has been reached yet…
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Slowdown In Iceland’s Economic Growth Is Good, Says Central Chief Banker
Thanks to the tourist boom following the 2008 financial crisis, Iceland’s economy has experienced a period of strong growth, despite it being one of the countries worst affected by the crash. Now, this growth has started to slow. Fortunately there’s no need…
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Iceland Lifting Remaining Capital Controls
Prime Minister, Bjarni Benediktsson, along with the Ministry of Finance have announced that Iceland will be lifting remaining capital controls as of tomorrow, reports RÚV. “We’ve reached an incredibly enjoyable milestone in our economic development since the financial crisis of 2008 and…
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Iceland’s Central Bank Moving To Tortola
At an emergency meeting held late last night between members of the Progressives and the Independence Party, a decision that had been in informal talks for weeks was made official: Iceland’s Central Bank will relocate to Tortola, in the British Virgin Islands.…
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Central Bank Prepays Portion Of IMF Loan
The Central Bank of Iceland has decided to prepay 50 billion ISK (ca. €320 mi) to the International Monetary Fund (IMF). According to the bank’s statement, this was decided in the light of the bank’s “relatively abundant liquidity position”. Following Iceland’s 2008…
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Iceland’s Showdown With Creditors Arrives
The Icelandic government will tell hedge funds and other creditors in its failed banks how their claims can be settled this week, reports Bloomberg. The government has reportedly designed a model to protect the ISK from any instability that might result from…
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Iceland’s Central Bank Governor Reappointed
Már Guðmundsson has secured a second five-year term as Iceland’s Central Bank Governor, reports WSJ. Már first took the reins at the central bank, Seðlabanki, in 2009 following the financial crisis which saw three of Iceland’s largest banks buckle under crushing debts…
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Iceland Prepares To Phase Out Capital Controls
Iceland is planning to sell six-year euro-denominated bonds in a push to ease the capital controls that have been in place since the economic collapse of 2008. According to Bloomberg, the government hired Barclays Plc, Citigroup Inc., Deutsche Bank AG and JPMorgan Chase…