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 the sole right of note issuance since 1927 and had conducted only limited monetary policy.

Central Bank of Iceland
Seðlabanki Íslands

Headquarters	Kalkofnsvegur 1, Reykjavík
Established	7 April 1961 (1961-04-07)
Ownership	100% state ownership[1]
Governor	Ásgeir Jónsson
Central bank of	Iceland
Currency	Icelandic króna ISK (ISO 4217)
Reserves	4 790 million USD[1]
Preceded by	Landsbanki Íslands
Website	cb.is (in English) sedlabanki.is (in Icelandic)

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.[2] 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

#	Governor	Took office	Left office	Tenure length
1	Jóhannes Nordal	1961	1993	31–32 years
2	Jón G. Maríasson	1961	1967	5–6 years
3	Vilhjálmur Þór	1961	1964	2–3 years
4	Sigtryggur Klemensson	1966	1971	4–5 years
5	Davíð Ólafsson	1967	1986	18–19 years
6	Svanbjörn Frímannsson	1971	1973	1–2 years
7	Guðmundur Hjartarson	1974	1984	9–10 years
8	Tómas Árnason	1985	1993	7–8 years
9	Geir Hallgrímsson	1986	1990	3–4 years
10	Birgir Ísleifur Gunnarsson	1991	2005	13–14 years
11	Jón Sigurðsson	1993	1994	0–1 years
12	Steingrímur Hermannsson	1994	1998	3–4 years
13	Finnur Ingólfsson	2000	2002	1–2 years
14	Ingimundur Friðriksson	2002	2003	0–1 years
15	Jón Sigurðsson	2003	2006	2–3 years
16	Eiríkur Guðnason	1994	2009	14–15 years
17	Davíð Oddsson	2005	2009	3–4 years
18	Ingimundur Friðriksson	2006	2009	2–3 years
19	Svein Harald Øygard	2009	2009	0 years
20	Már Guðmundsson	2009	2019	9–10 years
21	Ásgeir Jónsson	2019	Incumbent	1–2 years

Monetary reform

In 2015, after the 2008–2011 Icelandic financial crisis, the government of Iceland considered "a revolutionary monetary proposal" to abolish private money creation and to end to fractional-reserve banking.[3] Similar to the Swiss Sovereign Money Initiative, this plan would remove the power of money creation from the commercial banks and give it to the Central Bank of Iceland.[3]

References

https://d-nb.info/1138787981/34
"Leadership and organisation of the Central Bank of Iceland". www.sedlabanki.is. Archived from the original on 29 September 2011. Retrieved 8 May 2012.
Agence France-Presse, "Iceland looks at ending boom and bust with radical money plan", The Daily Telegraph, 31 March 2015 (page visited on 13 April 2018).

External links

Official website (in English)
Official website (in Icelandic)

Central banks
Global	Bank for International Settlements Basel Committee on Banking Supervision Financial Stability Board
Policies	Capital requirement Contractionary monetary policy Expansionary monetary policy Basel II Basel III Basel IV
Implementation	Capital control Discount rate Interest rates Money creation Open market operation Sovereign wealth fund
Bretton Woods system	International Monetary Fund World Bank Group International Bank for Reconstruction and Development International Centre for Settlement of Investment Disputes International Development Association International Finance Corporation Multilateral Investment Guarantee Agency
Lists	List of central banks Central banks and currencies of Africa Central banks and currencies of Asia-Pacific Central banks and currencies of the Caribbean Central banks and currencies of Europe Central banks and currencies of Central America and South America

Central banks by country
Africa	Bank of Central African States Central Bank of West African States Bank of Algeria National Bank of Angola Bank of Botswana Bank of the Republic of Burundi Bank of Cape Verde Central Bank of the Comoros Central Bank of the Congo Central Bank of Djibouti Central Bank of Egypt Bank of Eritrea National Bank of Ethiopia Central Bank of The Gambia Bank of Ghana Central Bank of the Republic of Guinea Central Bank of Kenya Central Bank of Lesotho Central Bank of Liberia Central Bank of Libya Central Bank of Madagascar Reserve Bank of Malawi Central Bank of Mauritania Bank of Mauritius Bank Al-Maghrib (Morocco) Bank of Mozambique Bank of Namibia Central Bank of Nigeria National Bank of Rwanda Central Bank of São Tomé and Príncipe Central Bank of Seychelles Bank of Sierra Leone Central Bank of Somalia Bank of Somaliland South African Reserve Bank Bank of South Sudan Central Bank of Sudan Central Bank of Swaziland Bank of Tanzania Central Bank of Tunisia Bank of Uganda Bank of Zambia Reserve Bank of Zimbabwe
Asia	Da Afghanistan Bank Central Bank of Bahrain Bangladesh Bank Royal Monetary Authority of Bhutan Monetary Authority of Brunei Darussalam National Bank of Cambodia People's Bank of China Hong Kong Monetary Authority Reserve Bank of India Bank Indonesia Central Bank of the Islamic Republic of Iran Central Bank of Iraq Bank of Israel Bank of Japan Central Bank of Jordan National Bank of Kazakhstan National Bank of the Kyrgyz Republic Bank of Korea Central Bank of the Democratic People's Republic of Korea Central Bank of Kuwait Banque du Liban Monetary Authority of Macao Bank Negara Malaysia Maldives Monetary Authority Bank of Mongolia Central Bank of Myanmar Nepal Rastra Bank Central Bank of Oman State Bank of Pakistan Palestine Monetary Authority Bangko Sentral ng Pilipinas Qatar Central Bank Saudi Arabian Monetary Authority Monetary Authority of Singapore Central Bank of Sri Lanka Central Bank of Syria Central Bank of the Republic of China (Taiwan) Bank of Thailand Banco Central de Timor-Leste Central Bank of Turkmenistan Central Bank of the United Arab Emirates Central Bank of Uzbekistan State Bank of Vietnam Central Bank of Yemen
Europe	European Central Bank (Eurosystem) National Bank of the Republic of Abkhazia Bank of Albania Central Bank of Armenia Central Bank of Azerbaijan National Bank of the Republic of Belarus National Bank of Belgium Central Bank of Bosnia and Herzegovina Bulgarian National Bank Croatian National Bank Central Bank of Cyprus Czech National Bank Danmarks Nationalbank (Denmark) Deutsche Bundesbank (Germany) Bank of England Bank of Estonia Bank of Finland Bank of France National Bank of Georgia Bank of Greece Hungarian National Bank Central Bank of Iceland Central Bank of Ireland Bank of Italy Central Bank of Kosovo Bank of Latvia Bank of Lithuania Central Bank of Luxembourg Central Bank of Malta National Bank of Moldova Central Bank of Montenegro De Nederlandsche Bank Norges Bank National Bank of North Macedonia Central Bank of the Turkish Republic of Northern Cyprus Oesterreichische Nationalbank National Bank of Poland Banco de Portugal National Bank of Romania Central Bank of Russia National Bank of Serbia National Bank of Slovakia Bank of Slovenia Gosbank (Soviet Union) Bank of Spain Sveriges Riksbank Swiss National Bank Central Bank of the Republic of Turkey National Bank of Ukraine
North America	Central Bank of Aruba Central Bank of The Bahamas Central Bank of Barbados Bermuda Monetary Authority Bank of Canada Central Bank of Cuba Central Bank of Curaçao and Sint Maarten Eastern Caribbean Central Bank Cayman Islands Monetary Authority Bank of Guatemala Bank of the Republic of Haiti Central Bank of Honduras Bank of Jamaica Bank of Mexico Central Bank of Nicaragua Central Bank of Trinidad and Tobago Federal Reserve System (United States)
Oceania	Reserve Bank of Australia Reserve Bank of Fiji Reserve Bank of New Zealand Bank of Papua New Guinea Central Bank of Samoa Central Bank of Solomon Islands National Reserve Bank of Tonga Reserve Bank of Vanuatu
South America	Central Bank of Argentina Central Bank of Brazil Central Bank of Chile Bank of the Republic (Colombia) Central Bank of Ecuador Central Reserve Bank of Peru Central Bank of Suriname Central Bank of the Uruguay Central Bank of Venezuela
Names in italics indicate non-sovereign (dependent) territories, former countries, or states with limited recognition

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Central Bank of Iceland

Governors

Monetary reform

See also

References

External links