News

Legislation on Stability Levy adopted unanimously

The Icelandic parliament&nbsp;<i>Althingi</i>&nbsp;today passed the Bill of the Minister of Finance and Economic Affairs on a stability levy, concerning which a political consensus was achieved in the Althingi.&nbsp;The new Act on a Stability Levy introduces a one-off levy, with the objective of creating the premises for removal of the capital controls introduced in Iceland in the wake of the…

National Cyber Strategy for Iceland released

<p>The Minister of the Interior has released the Icelandic National Cyber Security Strategy for Iceland - for 2015–2026 and a thee year Action Plan. The new strategy is also linked to a broader set of national policies and resolutions, e.g. on civil protection and public security, law enforcement and the information society.<br> </p>

Moody's upgrades Iceland's rating

<p>Moody's has upgraded the government of Iceland's government debt ratings to Baa2 from Baa3.</p>

Government Accounts 2014

<p>The results of Government Accounts for 2014 have now been published and the accounts forwarded to the Althingi. The current balance for the year was positive by ISK 46.4 billion, which is a better than expected result. By comparison, the 2013 outcome was a small deficit.&#160;</p>

Treasury finances January-April 2015

<p>Statistics for Treasury finances for January-April 2015 are now available.</p>

Address by Prime Minister, Mr Sigmundur Davíð Gunnlaugsson, at Austurvöllur, 17 June&nbsp;2015

<p>"Our National Day on 17 June has had a place in our hearts for more than a hundred years. Public meetings were first held on this date in 1907 to commemorate the birthday of Jón Sigurðsson and it was on the centenary of his birth, in 1911, that a national holiday was first celebrated in his memory. "</p>

Comprehensive strategy for capital account liberalisation announced

At a meeting held yesterday, the Government of Iceland agreed to present before Parliament two bills of legislation sponsored by the Minister of Finance and Economic Affairs. Together, the two bills lay the foundation for a comprehensive strategy for capital account liberalisation.

Iceland in Continuing Consultations Regarding - Capital Control Liberalization (Kaupthing)

<p>The Iceland Ministry of Finance today announced that it has continued its consultations with parties affected by the capital controls in Iceland about the proposals the Government is considering for the liberalization of those controls.</p>

Iceland in Continuing Consultations Regarding - Capital Control Liberalization (Glitnir)

<p>The Iceland Ministry of Finance today announced that it has continued its consultations with parties affected by the capital controls in Iceland about the proposals the Government is considering for the liberalization of those controls.</p>

Iceland in Continuing Consultations Regarding - Capital Control Liberalization (LBI)

<p>The Iceland Ministry of Finance today announced that it has continued its consultations with parties affected by the capital controls in Iceland about the proposals the Government is considering for the liberalization of those controls.</p>

Treasury finances January-March 2015

<p>Statistics for Treasury finances for January-February 2015 are now available.</p>

Comprehensive strategy for capital account liberalisation

The public interest demands that the capital controls be lifted without jeopardising economic and financial stability. The objectives of the current liberalisation strategy are based on the fundamental principal that the controls must be lifted in stages without upsetting the balance in the economy and without imposing additional financial burdens on the Treasury or the Icelandic people.

Social Services in Times of Disaster - Multidisciplinary Nordic Symposium

<p>The Nordic Welfare Wath - in Response to Crisis) and NSSA (The Nordic Social Security Academy) co-hosted the symposium Social Services in Times of Disaster in Reykjavík, May 4-5, 2015.</p>

Government measures to facilitate private sector wage settlements

<p>Today the Government of Iceland approved measures in connection with private sector wage settlements. The measures are presented in eleven items centring on various areas of taxation, social affairs, and housing affairs, as well as fiscal and economic policy reforms.&#160;</p>

Loan from Poland paid off

<p>This week the Republic of Iceland will prepay the loan taken from Poland in 2009, in connection with the Stand-By Arrangement with the International Monetary Fund (IMF) following the collapse of the Icelandic financial system.…

Treasury finances January-February 2015

<p>Statistics for Treasury finances for January-February 2015 are now available.</p>

New report on Gender Equality in the Arctic

A conference report on gender equality has just been published. The report&nbsp;<i><a href="/media/utanrikisraduneyti-media/media/nordurslodir/Gender-Equality-in-the-Arctic.pdf">Gender Equality in the Arctic: Current Realities, Future Challenges</a></i>&nbsp;contains summaries and highlights from an international conference held in Akureyri, Iceland, 30-31 October 2014.&nbsp;

EU Presidency responds to Foreign Minister's letter

<p>Gunnar Bragi Sveinsson Minister for Foreign Affairs has received a reply from the Presidency of the European Union&#160;to a letter from March this year where he announced that the Government of Iceland did not intend to resume accession negotiations with the EU and that it considered Iceland no longer a candidate country.…

Iceland offers humanitarian assistance to Nepal

<p>Mr. Gunnar Bragi Sveinsson, Minister for Foreign Affairs, has decided to donate 10 million Icelandic kronas to humanitarian assistance through the International National Red Cross and Red Crescent Societies in response to the devastating earthquake that struck&#160; Nepal yesterday.&#160;</p>

Minister Sveinsson meets with NATO Secretary General, Jens Stoltenberg

<blockquote type="cite"> <p>Foreign Minister Gunnar Bragi Sveinsson and NATO Secretary-General Jens Stoltenberg met in Reykjavík today. During their meeting they discussed security and defence issues and the challenges that NATO Allies are faced with due to the situation in Ukraine and the emergence of the terrorist organisation ISIS.</p> </blockquote>

Second Meeting of the Financial Stability Council in 2015

<p>The second meeting of the Financial Stability Council in 2015 was held on Tuesday, 14 April, in the Ministry of Finance and Economic Affairs.</p>

Republic of Iceland buys back its own bonds denominated in USD

<p>During the first quarter of 2015, the Central Bank of Iceland (the “Bank”), which manages borrowing on behalf of the Treasury, purchased for cancellation nominal value of USD 97,465,000 in the bond series “ICELAND 4.875% 06/16/16” (ISIN USX3446PDH48/US451029AD49).</p>

Minutes of the Meeting of the Financial Stability Council of 14 April 2015

<p>Minutes of the Meeting of the Financial Stability Council, 14 April 2015.</p> <p>The meeting was held in the Ministry of Finance and Economic Affairs.</p>

Medium-Term Debt Management Strategy 2015-2018

The Ministry of Finance and Economic Affairs has released the&nbsp;<i>Medium-Term Debt Management Strategy (MTDS)</i>&nbsp;for 2015-2018. This is the fifth time the&nbsp;<i>MTDS</i>&nbsp;has been published.

Treasury finances for January 2015

<p>Statistics for Treasury finances for January 2015 are now available.</p>

Report: Monetary Reform - A better monetary system for Iceland

The report, commissioned by the Prime Minister, considers the extent to which Iceland's history of economic instability has been driven by the ability of banks to ‘create money' in the process of lending.

“Fundamental reform of the monetary system must be considered.” Says head of Iceland Parliament's Committee for Economic Affairs

Frosti Sigurjonsson, Member of the Parliament of Iceland and Chairman of the Committee for Economic Affairs and Trade, today published a report outlining the need for a fundamental reform of Iceland's monetary system.

Minister of Finance and Economic Affairs: address at the Annual General Meeting of the Central Bank of Iceland, 26 March 2015

<p>A year ago, in this room and on the same occasion, I said that spring weather was ahead for the Icelandic economy – that we were slowly and steadily regaining our previous strength. Since then, a great deal of progress has been made. The situation has continued to improve, and the outlook is vastly different than it was only a few years ago.</p>

Registration for the Nordic Symposium open until March 31&nbsp;

<p>Registration for the Nordic Symposium „Social Services in Times of Disaster“ during May 4-5 2015 is open until March 31.</p>

Icelandic Economic Situation Overview

A report on the progress of plans to remove capital controls

<p>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.&#160;</p>

Solid foundations of Iceland's foreign policy

<p>Today Gunnar Bragi Sveinsson, Minister for Foreign Affairs, presented his annual report to Parliament on Foreign and International affairs.</p>

Foreign Minister reiterates that sovereignty and territorial integrity of Ukraine must be respected

<p>Reiteration by Minister Sveinsson as one year has passed since the illegal annexation of Crimea by Russia.</p>

Social Services in times of Disaster, May 4-5 2015

<p>This Nordic Symposium will bring together a multidisciplinary group of experts including administrators, academics and students as well as stakeholders working in the field, to discuss the role of local social services in times of disaster.</p>

Government considers Iceland no longer an EU candidate

<p>Foreign Minister Gunnar Bragi Sveinsson today met with his Latvian counterpart Edgars Rinkevics, who currently holds the Presidency of the EU, announcing that the&#160;Government considers that Iceland is no longer a candidate country and requests the EU to act in accordance with this from now on.</p>

Treasury finances January-December 2014

<p>Statistics for Treasury finances for January-December 2014 are now available.</p>

Humanitarian assistance to Malawi due to floods

Iceland will donate approx. 75,000 US dollars in humanitarian assistance to Malawi. The funds will be channeled through Unicef and used to assist those affected by the recent floods.&nbsp;

First meeting of the Financial Stability Council in 2015

<p>The first meeting of the Financial Stability Council in 2015 was held on Monday, 19 January in the Ministry of Finance and Economic Affairs.</p>

Minutes of the Meeting of the Financial Stability Council of 19 January 2015

<p>Minutes of the Meeting of the Financial Stability Council, 19 January 2015.</p> <p>The meeting was held in the Ministry of Finance and Economic Affairs.</p>

Barbershop Conference to rally men and boys to uphold gender equality

<p>The Conference will bring together politicians, diplomats, celebrities and gender equality campaigners to discuss gender equality and how men need to be a part of this important discourse.</p>

Treasury finances January-November 2014

<p>Statistics for Treasury finances for January - October 2014 are now available.</p>

Treasury finances January-October 2014

<p>Statistics for Treasury finances for January - October 2014 are now available.</p>

Important step in capital account liberalisation

<p>The Icelandic authorities will not approve the LBI hf. winding-up committee's request for exemptions from the capital controls, submitted with a letter dated 12 June 2014. It is not agreed that the bond issued by Landsbankinn shall be exempt from the controls.</p>

A new Minister of the Interior

<p><img title="Sigmundur Davíð Gunnlaugsson's Government, 4 December 2014." alt="Sigmundur Davíð Gunnlaugsson's Government, 4 December 2014." src="/media/innanrikisraduneyti-media/media/frettir-2014/small/rikisstjorn-sdg-4des2014.jpg">A new Minister of the Interior, Ólöf Nordal, took office at a State Council meeting held at Bessastaðir, 4 December.&#160;</p>

Iceland – All Year-round

Iceland – All Year-round (Ísland – allt árið) is a marketing initiative that aims to even seasonality in tourism and increase profitability from the industry in Iceland.&nbsp;The initiative aims at an international, integrated two-year marketing campaign for the destination Iceland under the brand of Inspired by Iceland.

FATCA agreement between Iceland and the United States&nbsp;

<p>Iceland has reached an agreement in substance with the United States on the terms of a Model 1 intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA), and has consented to be listed on the website of the US Treasury Department as a jurisdiction that is treated as having an IGA in effect.…

Iceland concludes eight bilateral air services agreements

In view of the growing economic importance of the Icelandic aviation industry, the conclusion of bilateral air transport agreements is a priority. Agreements with&nbsp;Armenia, Burundi, Ethiopia, Guyana, Mauritius, Nigeria, Sri Lanka and Chad were concluded.

EFTA Court advisory opinion delivered

<p>The following is a joint press release from the Ministry of Finance and Economic Affairs, Financial Supervisory Authority, and Central Bank of Iceland concerning the advisory opinion of the EFTA Court, delivered today: &#160;</p>

Brazil, US on the agenda during EFTA Ministerial

Minister Sveinsson informed his fellow ministers about his recent visit to Brazil and constructive talks with Foreign Minister Luiz Alberto Figuereido&nbsp; last October.

Iceland and Japan have much in common

Foreign Minister Gunnar Bragi Sveinsson visited Japan on 10-13 November, meeting with his Japanese counterpart, Fumio Kishida, the UN University and trade representatives.