The Central Bank of Iceland is an independent institution, owned by the Icelandic state.

The principal objective of the Central Bank is to promote price stability. The Bank shall also promote financial stability.

The Central Bank shall promote the implementation of the Government’s economic policy as long as it does not consider this inconsistent with its main objective of price stability.

In addition, the Central Bank undertakes standard central banking tasks, such as maintaining external reserves and promoting an efficient and safe financial system, including payment systems domestically and with foreign countries. It is also responsible for the issue of notes and coin, exchange rate matters and other duties, as specified in the Central Bank Act. The Central Bank of Iceland shall accept deposits from commercial banks, savings banks and other deposit institutions. The Central Bank may also accept deposits from other credit institutions. The Central Bank trades in foreign currency, acts as an intermediary in foreign exchange transactions, and conducts other foreign transactions.

The Prime Minister appoints the Governor and Deputy Governor of the Central Bank for a five-year term. Decisions on applying the Central Bank's monetary policy control mechanisms shall be taken by the Monetary Policy Committee. In other respects, the Bank's direction shall be in the hands of the Governor.


The Central Bank is ultimately under the administration of the Prime Minister and a Supervisory Board. Parliament elects seven members to the Supervisory Board after each parliamentary election. 

The Central Bank of Iceland was established by an act of Parliament in 1961, although the history of central banking in Iceland is much longer. The current Central Bank Act is no. 36/2001, cf. amendments.

Banking

Government

Central Bank of Iceland

Ásgeir Jónsson

Asgeir Jonsson

Páll Friðriksson

Eggert Thorarinsson

Nanna Huld Aradottir

Hoskuldur Hlynsson

Vidir Kristofersson

The Legal and Compliance Team at the Central Bank of Iceland is responsible for ensuring that the institution adheres to all relevant legal frameworks and regulatory requirements. This team provides expert legal advice, manages contracts and licensing, and coordinates compliance with international monetary policies and financial regulations. Additionally, they play a crucial role in safeguarding the Bank's operations against legal risks while supporting its overall mission to maintain financial and price stability.

Legal and Compliance Team

Data and Technology Teams

Finance and Risk Analysis Team

Security and Risk Management Team

Legal and Compliance Team

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Team members

Other teams at Central Bank of Iceland

Data and Technology Teams

Finance and Risk Analysis Team

Security and Risk Management Team