Administration and organizational chart
The Bank's direction is in the hands of the Governor. Administratively, the Bank comes under the Minister of Finance and Economic Affairs and a seven-member Supervisory Board, which is elected by Parliament by a proportional vote after each general election. The Supervisory Board, which supervises the Central Bank's activities, elects a Chairman and Vice Chairman from its own ranks. 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.
Governor since 20. August 2009.
Short CV with photos.
Capital Controls Surveillance Unit: Guðmundur Sigbergsson, Acting Director
Economics and Monetary Policy: Þórarinn G. Pétursson, Chief Economist
Finance: Erla Guðmundsdóttir, Director
Financial Market Infrastructure: Guðmundur Kr. Tómasson, Director
Financial Stability: Harpa Jónsdóttir, Director
International Relations and General Secretariat: Jón Th. Sigurgeirsson, Director
Legal Department: Sigríður Logadóttir, General Counsel.
Operations and Human Resources: Ásta H. Bragadóttir, Director
Statistics: Tómas Örn Kristinsson, Director
Treasury and Market Operations: Sturla Pálsson, Director
Internal Auditor: Nanna Huld Aradóttir
Supervisory Board, elected by Parliament (July 5, 2013)
Thorunn Guðmundsdóttir Chairman (from April 30, 2015, elected by Parliament March 26, 2015)
Jón Helgi Egilsson, Deputy Chairman
Ágúst Ólafur Ágústsson
Björn Valur Gíslason
Heiðrún Lind Marteinsdóttir
Bára Valdís Ármannsdóttir (elected 26 January 2016)
Sigrún Elsa Smáradóttir
Ingvi Hrafn Óskarsson (resigned 4 March 2016)
Picture taken in February 2015. Standing, from left: Már Guðmundsson, Governor; Ágúst Ólafur Ágústsson, Ingvi Hrafn Óskarsson, Ragnar Árnason, Auður Hermannsdóttir, Arnór Sighvatsson, Deputy Governor; and Jón Th. Sigurgeirsson, Director of International Relations and General Secretariat. Sitting, from left: Ingibjörg Ingvadóttir, Jón Helgi Egilsson, Chairman of the Board; and Hildur Traustadóttir.
Monetary Policy Committee
According to the Act no. 5/2009 amending the Act on the Central Bank of Iceland, no. 36/2001, decisions on applying the Central Bank’s monetary policy control mechanisms shall be taken by the Monetary Policy Committee. The control mechanisms include decisions on interest rates, part of transactions with credit institutions, decision on reserve requirements and currency market transactions. Decisions by the Monetary Policy Committee must be based on the Bank’s objectives and a thorough assessment of the current situation of and outlook for the economy and monetary issues and financial stability.
Members of the Monetary Policy Committee
Már Guðmundsson Governor of the Central Bank of Iceland, chairman,
Arnór Sighvatsson Deputy Governor of the Central Bank of Iceland,
Thorarinn G. Petursson, Chief Economist of the Central Bank of Iceland,
Katrín Ólafsdóttir lecturer at the University of Reykjavik (from 5 March 2012)
Gylfi Zoëga professor in Economics at the University of Iceland.
From left to right: Thorarinn G. Petursson, Katrín Ólafsdóttir, Már Guðmundsson, Arnór Sighvatsson, and Gylfi Zoëga.
The Central Bank of Iceland conducts most of its operations at Kalkofnsvegur 1 in Reykjavík. Some activities are also housed at Einholt 4 in Reykjavík.