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.
The next scheduled Monetary Policy Committee meeting is March 19, 2009.
See: Act no. 5/2009. (amending the Act on the Central Bank of Iceland, no. 36/2001. )