28 June 2013

Central Bank of Iceland closes last vault outside Reykjavík

Today, Friday 28 June 2013, the Central Bank of Iceland closed its last vault outside Reykjavík. Since 2000, the tasks and procedures of the Bank’s Cashiers’ Unit have changed substantially. Among these changes is a review of the Bank’s role in the distribution of banknotes in Iceland. In large part, the Bank has closed its vaults outside Reykjavík so as to better define the roles and responsibilities of the financial institutions that participate in various phases of banknote distribution around the country.

The Bank’s vaults in regional Iceland have a long history. There were five such vaults in 1950 and 24 when their number peaked in 1980. In 2003 the Bank decided to aim at closing all of its vaults outside the capital area. Regional vaults have been closed gradually since that time, and the last one was closed today. 
Further information can be obtained from Már Guðmundsson, Governor of the Central Bank of Iceland, at tel: +354 569-9600.

No. 23/2013
28 June 2013