Central Bank of Iceland


Central Bank of Iceland
The logo of the Central Bank of Iceland

The Central Bank of Iceland (Icelandic: Seðlabanki Íslands) is the central bank or reserve bank of Iceland. It has served in this capacity since 1961, when it was created by an act of the Alþingi out of the central banking department of Landsbanki Íslands, which had had the sole right of note issuance since 1927 and had conducted only limited monetary policy.

Seðlabanki Íslands is owned by the Icelandic government, administered by a three-member board of governors appointed by the Prime Minister to seven-year terms and a seven-member supervisory board. It has the sole right to issue notes and coins of Icelandic krónur and to manage the state's foreign currency reserves. The Central Bank Act of 1986 eliminated the ability of the Central Bank to regulate the interest rates of commercial banks and savings banks.

Though nominally independent, the Central Bank of Iceland was historically expected to follow the lead of the central government. In 2001, however, a floating exchange rates policy was introduced and since then the Central Bank has been empowered to adopt an inflation target and manage monetary policy so as to achieve price stability independent of the policies of the central government.

See also

External links

Coordinates: 64°08′56″N 21°55′55″W / 64.14889°N 21.93194°W / 64.14889; -21.93194


Wikimedia Foundation. 2010.

Look at other dictionaries:

  • Central Bank of Iraq — البنك المركزي العراقي The Central Bank of Iraq, guarded by U.S. troops in …   Wikipedia

  • Central Bank of the Dominican Republic — The Central Bank of the Dominican Republic (Spanish: Banco Central de la República Dominicana, BCRD) was established by the Monetary and Banking Law of 1947 as the central bank of the Dominican Republic, responsible for regulating the country s… …   Wikipedia

  • Central Bank of Nigeria — Central Bank of Nigeria …   Wikipedia

  • Central Bank of Cyprus — Kεντρική Τράπεζα Κύπρου (Greek) Kıbrıs Merkez Bankası (Turkish) …   Wikipedia

  • Central Bank of Montenegro — Centralna Banka Crne Gore …   Wikipedia

  • Central Bank of the Democratic People's Republic of Korea — 조선민주주의인민공화국중앙은행 Joseon Minjujueui Inmin Gonghwaguk Jungang Eunhaeng Headquarters Pyongyang Central bank of Democratic People s Republic of Korea Currency North Korean won ISO 4217 Code …   Wikipedia

  • Central Bank of Somalia — Bankiga ee Dhexe ee Soomaaliya البنك المركزي في الصومال Headquarters …   Wikipedia

  • Central Bank of Azerbaijan — Azərbaycan Mərkəzi Bankı Central Bank of Azerbaijan Headquarters …   Wikipedia

  • Central bank — Part of a series on Government Public finance …   Wikipedia

  • Central Bank of Cuba — The Central Bank of Cuba (Spanish: Banco Central de Cuba, BCC) is the central bank of Cuba. It was created in 1997, to take over many of the functions of the National Bank of Cuba (Spanish: Banco Nacional de Cuba). From its creation, until May… …   Wikipedia


Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.