News

Treasury finances January-October 2016 - 12/13/16

Statistics for Treasury finances for January-October 2016 are now available.

Further reading

National Budget Proposal 2017 - 12/6/16

The fiscal budget proposal for 2017 has been presented before Parliament, in accordance with the fiscal strategy and fiscal plan over a horizon of five years, both of which were approved in August and are based on a new organic budget law.

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Treasury finances January-September 2016 - 11/17/16

Statistics for Treasury finances for January-September 2016 are now available.

Further reading

Progress of the Plan for Removal of Capital Controls - 10/25/16

The Minister of Finance and Economic Affairs has, as provided for in Act No. 16/2013 of the Icelandic parliament Althingi, published a report on the progress of plans to remove capital controls. 

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Economic Outlook in Iceland - 10/25/16

Representatives of the Ministry of Finance and Economic Affairs and the Central Bank of Iceland held meetings with i.a. Credit rating Agencies in Washington DC during the IMF and World Bank Annual meetings earlier this month.

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Medium-Term Debt Management Strategy 2017-2021 - 10/21/16

The Ministry of Finance and Economic Affairs has released the Medium-Term Debt Management Strategy (MTDS) for 2017-2021. Since 2011, the MTDS has been issued over a horizon of three years. In accordance with the new Act on Public Sector Finances, it is now presented on the basis of a fiscal plan, and the Government debt management objectives therefore cover a horizon of five years, from 2017 through 2021.

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Treasury finances January-August 2016 - 10/6/16

Statistics for Treasury finances for January-August. 2016 are now available.

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Fourth meeting of the Financial Stability Council 2016 - 10/3/16

The fourth meeting of the Financial Stability Council in 2016 was held on Friday 30 September at the Ministry of Finance and Economic Affairs. Macroeconomic conditions have been broadly favourable for the financial system in the recent term. 

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Regarding the declaration concerning the blanket Treasury guarantee of deposits - 9/9/16

The Government of Iceland has decided, following consultation with the Financial Supervisory Authority and the Central Bank of Iceland, that there is no reason for the declaration concerning the blanket Treasury guarantee of deposits to remain in effect.

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Treasury finances January-July 2016 - 9/5/16

Statistics for Treasury finances for January-July 2016 are now available.

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Moody's upgrades Iceland's government ratings to A3; outlook stable - 9/1/16

Moody's Investors Service (MIS) has today upgraded Iceland's government bond and issuer ratings to A3 from Baa2. The rating outlook is stable. This rating action concludes the reviewfor upgrade that commenced on June 10, 2016.

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Increased freedom – liberalisation of capital controls - 8/16/16

Individuals' and companies' freedom to transfer funds to and from Iceland and to carry out foreign exchange transactions will increase greatly, according to the bill of legislation that the Minister of Finance and Economic Affairs will present before Parliament tomorrow.

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Treasury finances January-June 2016 - 8/3/16

Statistics for Treasury finances for January-June 2016 are now available.

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Fitch Ratings: change in methodology aligns long-term local currency ratings with long-term foreign currency ratings - 7/22/16

This week international rating agency Fitch Ratings held a global portfolio rating committee related to an overhaul of the Agency's sovereign methodology released on May 26th, 2016. The results of the committee were published today. 

Further reading

Fitch Ratings affirms Iceland's sovereign rating at BBB+ with stable outlook - 7/15/16

Fitch Ratings has affirmed Iceland's Long-term foreign and local currency Issuer Default Ratings (IDR) at ‘BBB+' and ‘A-' respectively with Stable Outlooks. 

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Standard & Poor's affirms Iceland's sovereign ratings at BBB+/A-2 with a stable outlook - 7/15/16

International rating agency Standard & Poor's has affirmed Iceland's sovereign ratings at BBB+/A-2 with a stable outlook. Standard & Poor's expects economic growth in Iceland to remain strong over the next few years, supported by the tourism sector and robust private consumption. 

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Treasury finances January-May 2016 - 7/6/16

Statistics for Treasury finances for January-May 2016 are now available.

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Republic of Iceland buys back its own debt - 6/24/16

Today the Republic of Iceland bought back its own debt in the nominal series RIKH 18 1009, in the nominal amount of 30 bn. ISK at a price of 100.29. 

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Support of funding and operation of new business ventures and small growth companies - 6/24/16

On 2 June 2016, Parliament passed amendments to legislation on the support of funding and operation of new business ventures and small growth companies.

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IMF Executive Board completes Article IV Consultation on Iceland - 6/22/16

On 20 June 2016, the Executive Board of the International Monetary Fund (IMF) completed its Article IV Consultation on the status and outlook for the Icelandic economy. An IMF mission visited Iceland to hold discussions with the Icelandic authorities and other stakeholders in April, and their reports on the Icelandic economy were published today.

Further reading

Government Accounts 2015 - 6/16/16

The results of Government Accounts for 2015 have now been published and the accounts forwarded to the Icelandic parliament Althingi. The current balance for the year was positive by ISK 20.0 billion, which accords with budget forecasts. By comparison, in 2014 the current balance was positive by ISK 46.4 billion.

Further reading

Republic of Iceland repays bonds for 62 billion ISK - 6/16/16

Republic of Iceland today completed repayment of bonds issued in 2011 maturing today. The outstanding balance on the bonds series totalled USD 503 million, or equivalent to around ISK 62 billion. Payment for the bonds came from the Treasury's foreign currency balance with the Central Bank of Iceland.

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Treasury finances January-April 2016 - 6/6/16

Statistics for Treasury finances for January-April 2016 are now available.

Further reading

Measures to curb the negative effects of inflows of foreign currency - 6/2/16

This afternoon, Bjarni Benediktsson, the minister of Finance and Economic Affairs, presented a bill to the Althing regarding amendments to the Foreign Exchange Act, the Act on the Handling of ISK Assets which are subject to special restrictions, and the Act on the special tax on Financial Undertakings.

Further reading

Q&A on the Act on the treatment of króna-denominated assets subject to special restrictions - 5/24/16

Questions and answers on the Act on the treatment of króna-denominated assets subject to special restrictions and Central Bank of Iceland foreign currency auction are now available.

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Bjarni Benediktsson

The next steps in capital account liberalisation - 5/20/16

This afternoon the Icelandic Minister of Finance and Economic Affairs, Bjarni Benediktsson, submitted before Parliament a bill of Law that sets forth the next steps towards liberalisation of capital controls in Iceland.

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Treasury finances January-March 2016 - 5/13/16

Statistics for Treasury finances for January-March 2016 are now available.

Further reading

Statement of Fiscal Policy and Fiscal Strategy Plan presented for the first time - 4/29/16

The five-year Statement of Fiscal Policy and Fiscal Strategy Plan for the public sector, presented before Parliament today, entail that it will be possible in coming years to prepare even better for the well-being of coming generations by paying down public debt, reducing levies on individuals with lower and fairer taxes, building up social infrastructure, and significantly strengthening core government services with increased contributions, a stronger healthcare system, and enhanced quality of education.

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Treasury finances February 2016 - 4/25/16

Statistics for Treasury finances for February 2016 are now available.

Further reading

Tax Information Exchange Agreement with UAE signed - 4/12/16

A Tax Information Exchange Agreement, TIEA, between Iceland and the United Arab Emirates was signed today, thereby completing a joint Nordic campaign on agreements with low-tax jurisdictions, which began in 2006. A total of 44 agreements have been concluded. 

Further reading

Iceland's participation in international actions to prevent tax evasion - 4/6/16

For years, the Icelandic authorities have placed emphasis on participating in collaboration aimed at preventing international tax evasion. The objective is to enhance transparency and increase the efficiency of taxation so that all taxpayers will pay the taxes to society that they owe.

Further reading

Progress of the Plan for Removal of Capital Controls - 4/4/16

A report as provided for in Act No. 16/2013 of the Althingi.

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Treasury finances January 2016 - 3/30/16

Statistics for Treasury finances for January 2016 are now available.

Further reading

Treasury finances January-December 2015 - 3/4/16

Statistics for Treasury finances for January-December 2015 are now available.

Further reading

First meeting of the Financial Stability Council in 2016 - 1/25/16

The first meeting of the Financial Stability Council in 2016 was held on Friday 22 January at the Ministry of Finance and Economic Affairs. The topic of the meeting was risk in the financial system. It was revealed that the outlook is for increased imbalances in the domestic economy in the coming term. System-wide credit growth is still within modest limits, but it is likely that demand for credit will grow in the near future.

Further reading

Expression of interest regarding potential advisory role - 1/20/16

Icelandic State Financial Investments (ISFI) on behalf of the Icelandic state manages 98.2 % holding in Landsbankinn hf. (Landsbankinn), 13.0 % holding in Arion Banki hf., 5.0 % holding in Íslandsbanki hf. and 49.5 % holding in Sparisjóður Austurlands hf. in accordance with Act no. 88/2009.

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Treasury finances January-November 2015 - 1/13/16

Statistics for Treasury finances for January-November 2015 are now available.

Further reading

Treasury finances January-November 2015 - 1/13/16

Statistics for Treasury finances for January-November 2015 are now available.

Further reading

Treasury Prepays ISK 50 billion of the Central Bank's bond – 10% overall reduction of debt in 2015 - 1/5/16

At year-end 2015 the Treasury made a payment of ISK 49.9 billion on a bond, issued to the Central Bank of Iceland. This represents one of the largest single repayments of Treasury debt to date. The instalment reduced the Treasury's cash balance with the Central Bank.

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