The following table shows the Central Bank of Iceland's Balance Sheet as at the end of March 2004 with comparative figures for the end of February 2004 and end of December 2003.
The Central Bank's foreign reserves increased in March by 9.4 b.kr. and amounted to 66.7 b.kr. at the end of the month (equivalent to 924 m. US dollars at the exchange rate at the end of the month). The increase is explained by Treasury loan movements, currency revaluation and the Central Bank's purchases of foreign currency in the domestic interbank market.
In March, the Central Bank purchased currency in the domestic interbank market for 1.8 b.kr., which is consistent with the measures to strengthen its external position as described inter alia in the March 2004 issue of the Bank's Monetary Bulletin.
The Icelandic króna weakened by 3% in March.
Central Bank claims on deposit money banks increased by 5.4 b.kr. in March and amounted to 42.2 b.kr. at the end of the month.
Claims on other financial institutions decreased by 2.6 b.kr. and stood at 4.9 b.kr. at the end of the month.
Market value of listed securities in the Bank's portfolio was 3.9 b.kr. at the end of March. Of this figure, listed Treasury securities amounted to 0.7 b.kr.
Net claims on central government increased by 14.1 b.kr. in March and the Treasury's net deposit at the end of the month stood at 43.1 b.kr.
Base money decreased by 4.6 b.kr. during the month and amounted to 26.4 b.kr. at the end of March.
For further information, contact the Governors of the Central Bank of Iceland or Erla Árnadóttir, Chief Accountant, tel. (+354) 569-9600.
No. 8/2004
April 6, 2004