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Central Bank of Iceland

 

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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.

 
 

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.

The Central Bank seeks to promote the security of the financial system by closely monitoring the macroeconomic environment, relations between financial institutions and financial markets, the evolution of the financial system both in Iceland and elsewhere, its strength and efficiency, and the impact of economic factors on the system as a whole.


The important functions are as follows:

  maintaining currency stability within the framework;

  promoting the stability and integrity of the financial system, including the banking system; and

  managing the Government Fund.

Under special circumstances, when the Central Bank considers its assistance necessary in order to preserve confidence in the national financial system, or when difficulties experienced by one institution could provoke a chain reaction, the Bank may intervene to bring that institution temporarily through difficulties caused by liquidity problems.

 

Central Bank of Iceland HQ Location Map

Central Bank of Iceland
HQ Address: Kalkofnsvegi 1
150 Reykjavik
Iceland
Telephone: +354 569 9600
Facsimile: +354 569 9605
Website: www.sedlabanki.is
Email: sedlabanki@sedlabanki.is
Currency: Krona
Banking Hours:
Monday - Friday : 09:15 - 16:00
 

 

 
Similar to other Central Banks in the world, the functions of Central Bank of Iceland include providing banking services to the Government of Iceland and financial institutions, issuing the domestic currency, regulating commercial banks and other financial institutions, providing economic advice to the Government, conducting research and publishing information on monetary and other economic developments. Only notes and coins issued by the Central Bank shall be legal tender in Iceland.
 
 

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