The following data are from the Central Bank of Iceland's Balance Sheet as at the end of October 2003 with comparative figures for the end of December 2002 and changes within the month and from the beginning of 2003.
The Central Bank's foreign reserves increased by 5.4 b.kr. and amounted to 51.7 b.kr. at the end of October (equivalent to 680 m. US dollars at the exchange rate at the end of the month). The Bank now has no foreign short-term liabilities in connection with its foreign reserves; at the beginning of the year these liabilities amounted to just over 16 b.kr.
In October, the Central Bank purchased currency in the domestic interbank market for 4.4 b.kr., which is consistent with the measures to strengthen its external position as described inter alia in the May 2003 issue of the Bank's Monetary Bulletin. The Icelandic króna weakened by 0.3% in October.
Market value of listed securities in the Bank's portfolio was 3.9 b.kr. at the end of October. Of this figure, listed Treasury securities amounted to 0.7 b.kr., decreasing by 0.5 b.kr. during the month when an issue matured.
Central Bank claims on deposit money banks decreased by 11.4 b.kr. in October and amounted to 44.3 b.kr. at the end of the month. Claims on other financial institutions remained virtually unchanged at 3.2 b.kr.
Net claims on central government increased by 11.6 b.kr. in October and the Treasury's net deposit at the end of the month stood at 16.5 b.kr.
Base money increased by 5.8 b.kr. during the month and amounted to 37.4 b.kr. at the end of October.
For further information, contact the Governors of the Central Bank of Iceland
and Erla Árnadóttir, Chief Accountant, tel. (+354) 569-9600.
No 25/2003
6 November 2003
Highlights from the
Central Bank of
In
m.kr.
End of
period
Changes in
2003
December
October
From
beginning
In
Assets :
2002
2003
of
year
October
Foreign reserves
37,194
51,743
14,548
5,376
Gold
1,727
1,858
131
-1
Foreign exchange
33,418
47,852
14,434
5,363
SDR
12
5
-6
0
Reserve position in the IMF
2,038
2,028
-10
14
Listed
securities
5,260
3,891
-1,370
-456
Treasury
1,816
704
-1,112
-513
Other
3,445
3,187
-258
57
Claims on DMBs
69,141
44,257
-24,883
-11,398
Claims on other financial
institutions
8,227
3,187
-5,040
57
Liabilities:
Foreign short-term
liabilities
16,499
205
-16,293
-2
Notes and coin
9,590
9,842
252
128
Sight deposits of DMBs
1,164
1,067
-97
250
Required reserves of
DMBs
21,837
26,446
4,609
5,400
Sight deposits of other financial
institutions
75
44
-32
14
Required reserves of other
financial institutions
1,258
796
-462
-288
Memorandum
items:
External reserve,
net
20,696
51,537
30,842
5,378
Claims on central
government, net
-20,846
-16,515
4,331
11,647
Other claims,
total
77,454
47,542
-29,912
-11,366
Base money
32,590
37,355
4,764
5,778
Definitions
Foreign
reserves: Total
currency assets of the Central Bank.
Foreign exchange: The Central
Bank's deposits with foreign banks and its foreign securities portfolio. Reserve position in the IMF: Net reserve
in the IMF. Listed securities,
Treasury: Assets in the form of Treasury bonds, Treasury bills and Treasury
notes. Listed securities, Other:
Housing bonds and housing authority bonds. Claims on DMBs: The Bank's net claims on
deposit money banks. Claims on other
financial institutions: Net claims. Foreign short-term liabilities: Deposits
in foreign currency accounts in the Central Bank. Notes and coin: Total notes and coins in
circulation outside the Central Bank. Sight deposits of DMBs and other financial
institutions: Deposits in current accounts with the Central Bank. Required reserves of DMBs and other
financial institutions: Reserves that these institutions are obliged to
maintain with the Central Bank in accordance with requirements set by the Bank.
Memorandum
items. External reserve, net: Foreign current assets less foreign
current liabilities. Claims on central
government, net: i.e. liabilities of these entities towards the Central Bank
less their deposits with it. Other
claims, total: Total claims on other institutions than central government.
Base money: Notes and coin in
circulation, and deposits and reserves of DMBs with the Central
Bank.