Central Bank of Iceland
 Logo | |
| Headquarters | Kalkofnsvegur 1, Reykjavík |
|---|---|
| Established | April 7, 1961 |
| Governor | Mar Gudmundsson |
| Central bank of | Iceland |
| Currency | Icelandic króna ISK (ISO 4217) |
| Preceded by | Landsbanki Íslands |
| Website | cb sedlabanki |
The Central Bank of Iceland (Template:Lang-is) 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 the sole right of note issuance since 1927 and had conducted only limited monetary policy.
Seðlabanki Íslands is owned by the Icelandic government, and is administered by a governor and a seven-member supervisory board, elected by the country's parliament following each general election.[1] 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 rate 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.
Governors
- Jóhannes Nordal 1961–1993
- Jón G. Maríasson 1961–1967
- Vilhjálmur Þór 1961–1964
- Sigtryggur Klemensson 1966–1971
- Davíð Ólafsson 1967–1986
- Svanbjörn Frímannsson 1971–1973
- Guðmundur Hjartarson 1974–1984
- Tómas Árnason 1985–1993
- Geir Hallgrímsson 1986–1990
- Birgir Ísleifur Gunnarsson 1991–2005
- Jón Sigurðsson 1993–1994
- Steingrímur Hermannsson 1994–1998
- Finnur Ingólfsson 2000–2002
- Ingimundur Friðriksson 2002–2003
- Jón Sigurðsson (minister): 2003–2006
- Eiríkur Guðnason: 1994–2009
- Davíð Oddsson: 2005–2009
- Ingimundur Friðriksson: 2006–2009
- Svein Harald Øygard: 2009–2009
- Mar Gudmundsson: 2009–
See also
- 2008–11 Icelandic financial crisis
- Economy of Iceland
- Financial Supervisory Authority
- Icelandic króna
- Glitnir
- Kaupthing Bank
- Landsbanki
External links
64°08′56″N 21°55′55″W / 64.14889°N 21.93194°W
References
- ^ "Leadership and organisation of the Central Bank of Iceland". www.sedlabanki.is. Retrieved 8 May 2012.