Breaking News

Iceland Interest Rate Decision

Latest Release

Feb 08, 2023

Actual

6.50%

6.00%

The Central Bank's main instrument is its repurchase agreements (repos) with credit institutions. Repos are a common form of central bank lending in many parts of the world. Trading involves the lender, i.e., the Central Bank, purchasing securities with a condition that the borrower will buy them back on a specified day, hence the term "repurchase agreements." The incentive for such transactions is the credit institutions' need for short-term liquidity. Central banks can take advantage of this need to influence market interest rates. In Iceland the Central Bank holds weekly auctions of 7-day repos. Credit institutions are required to put up qualified securities as collateral, i.e., securities carrying a treasury guarantee and with active market making on Iceland Stock Exchange. Auctions can be either in terms of fixed prices, i.e. when the Central Bank offers to buy an unlimited amount of securities at a specified yield, or the total amount of agreements on offer is announced and the return is determined by market conditions, at least within certain limits. Fixed-price auctions have been the rule so far in Iceland.

Importance:

Country:

Currency: ISK

Source: Central Bank of Iceland

Release Date	Time	Actual	Previous
Feb 08, 2023	19:30	6.50%	6.00%
Nov 23, 2022	19:00	6.00%	5.75%
Oct 05, 2022	19:30	5.75%	5.50%
Aug 24, 2022	19:30	5.50%	4.75%
Jun 22, 2022	19:30	4.75%	3.75%
May 04, 2022	19:30	3.75%	2.75%

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