Monetary policy decisions

(This text has to be changed after the amendment of the Act of the Central Bank of Iceland, see Act no. 5/2009. )

The Governor of the Central Bank must follow specific, approved procedures when they make monetary policy decisions, e.g. on a change in the repo rate. This is stipulated in the Central Bank Act of May 2001. At the beginning of 2002 the Board of Governors set “Internal rules for the preparation of, arguments for and presentation of monetary policy decisions.” These internal rules were discussed in Monetary Bulletin 2002/1. On February 23, 2006 the Central Bank’s Supervisory Board approved the revised “Internal rules on the preparation, rationale and presentation of monetary policy decisions”. Following a minor amendment, a new version of the internal rules was approved by the Supervisory Board on September 7, 2006 and formally set by the Board of Governors on September 8, 2006 .

Internal rules on the preparation, rationale and presentation of monetary policy decisions.pdf (pfd file, 26 kb) (Set on September 8, 2006)