Iceland­ic Eco­nom­ic Weekly: 29 Au­gust 2022

The Central Bank of Iceland (CBI) raised interest rates by 0.75 percentage points. The policy rate is now 5.5% and has not been higher in six years.

Last week’s highlights

• Statistics Iceland released the monthly wage index for July.
• The Monetary Policy Committee of the CBI raised the Bank’s interest rates by 0.75 percentage points. The Bank’s policy rate – the rate on seven-day term deposits – is 5.5% following this change.
• The CBI published its quarterly Monetary Bulletin (Peningamál).
• The seasonally adjusted unemployment rate in July was 4.1%, according to Statistics Iceland.
• Reginn, Reitir, Play, Síminn, Brim and Eik published Q2 earnings.

The week ahead

• On Tuesday, Statistics Iceland will release CPI numbers for August. Origo and Sýn will publish Q2 earnings.
• On Wednesday, Statistics Iceland will publish national accounts for Q2 and preliminary estimates for 2021.
• On Friday, the CBI will release balance of payments and external position for Q2.

Markets and Economic Overview

Icelandic Economic Weekly: 29 August 2022 (PDF)