The Governor of the Central Bank of Iceland has decided that Thórarinn G. Pétursson, acting Chief Economist of the Central Bank, shall take a seat on the Monetary Policy Committee. Other members include Central Bank Governor Svein Harald Oygard, who will also chair the Committee, and Deputy Governor Arnór Sighvatsson. The Prime Minister will also appoint two experts to the Committee.
The Monetary Policy Committee’s task is to make decisions on the application of the Bank’s monetary policy instruments, in accordance with Article 4 of Act no. 5/2009 Amending the Act on the Central Bank of Iceland, no. 36/2001. In this context, the Bank’s monetary policy instruments include decisions on interest rates, specified transactions with credit institutions, determination of reserve requirements, and currency market transactions intended to influence the exchange rate of the króna.