24 April 2023
A new macroeconomic forecast from Landsbankinn Economic Research expects to see 3.2% economic growth in 2023 and is considerably more optimistic than the department’s forecast from October 2022. One of the main reasons for optimism is the more positive outlook in the travel sector.
- Economic Research forecasts 2.1 million tourist arrivals this year and 2.5 million in 2025, which would be a record.
- The policy rate is expected to be raised by another percentage point and to peak at 8.5%. A rate-cutting cycle is not expected to commence until the second quarter of 2024.
- Economic Research assumes that inflation has reached a high point and that it will recede slowly but steadily to stand at 4.5% at year-end 2025.
- According to the forecast, price changes in the real estate market will be limited for the remainder of this year and housing prices will on average be 4.8% higher than in 2022.
- The Icelandic króna (ISK) is expected to appreciate, foreign trade to be more or less balanced and purchasing power to increase, though not by much.
Una Jónsdóttir, Head of Landsbankinn Economic Research:
“We are settling into a slower rhythm leading up to the forecast horizon, compared to the robust growth in previous years, and expect to see the economy achieve a new balance. We expect rather strong economic growth this year, stronger than we previously anticipated. The policy rake hike series is on-going, in our opinion, and we expect to see an increase of one more percentage point before entering into a rate-cutting cycle. We expect the ISK to appreciate and that the economy will trend towards a balance in foreign trade.
The principal uncertainty factors are the influencing components of inflation, such as salary development in coming years, with collective bargaining agreements in the private sector expiring in the near future, but also development of the ISK exchange rate and domestic demand.”
Economic forecast 2023-2025: Slower rhythm succeeds rapid turnaround
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22 Sept. 2023
Today is the last day the Landsbankinn branch in Austurstræti 11 is open and the doors close at 16:00. All activities move to the Bank’s new branch in Reykjastræti 6, which is already open.
21 Sept. 2023
Customers can buy Danish bank notes in Landsbankinn branches and ATMs throughout Iceland. We would like to advise customers that the Bank no longer accepts DKK 1,000 and 500 bills, nor any Faroe Islands króna bills. There are no changes to transactions in DKK 200, 100 and 50 bills. Cash transactions comply with the Act on Actions to Combat Money Laundering and Terrorist Financing. Tighter rules in Denmark limit the reception of bank notes by foreign banks and Landsbankinn is as a result no longer able to accept DKK 1,000 and 500 bills.
21 Sept. 2023
Amaroq Minerals, under the ticker AMRQ, has now been listed on the Main Market of Nasdaq Iceland. In addition to listing on the Nasdaq Iceland Main Market, Amaroq’s shares are listed on stock exchanges in Canada (TSX-V) and London (AIM). Alongside uplisting to the Main Market of Nasdaq Iceland, Amaroq has been delisted from First North Iceland. Amaroq Minerals is the first listed mining company in Iceland. The company holds a significant licence portfolio in Greenland and is engaged in the identification, acquisition, exploration and development of gold properties and other strategic mineral assets, pivotal to the energy transition. Landsbankinn Corporate Finance co-ordinated the listing process. We congratulate the staff and shareholders of Amaroq on the successful transfer of the company’s listing.
14 Sept. 2023
We’d like to call your attention to changes to the RSA SecurID app used for secure login and payments in corporate online banking.
13 Sept. 2023
The branch at our new headquarters in Reykjastræti 6 opens today. Cashier services are available from 10:00-16:00 and ATMs and other self-service equipment is accessible around the clock.
12 Sept. 2023
Sunna Ósk Friðbertsdóttir has taken up the position of Compliance Officer at Landsbankinn. Sunna completed a BA degree in law from Reykjavík University in 2008 and an ML degree from the same institution in 2010. She is a licensed securities broker and a recognised District Court Attorney. Sunna came to work for Landsbankinn as a lawyer in 2012 and has had various responsibilities, both in implementing legal requirements and related to daily operations. She has worked in Compliance since 2017 and been Deputy Compliance Officer since 2022. Compliance supervises and monitors Landsbankinn’s compliance with internal and external rules and advises and educates on legal and regulatory demands relevant to the Bank’s operation.
31 August 2023
In light of the recent interest rate decision of the Central Bank of Iceland, the following changes will be made to Landsbankinn’s interest rates. Interest rate changes also have regard for market rates and other funding terms of Landsbankinn.
31 August 2023
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23 August 2023
On 13 September, the opening hours of seven branches will be shortened by three hours and will as a result be 12:00-15:00. While general opening hours will be shorter, customers can still make appointments to visit these branches between 10:00-16:00 and book remote meetings until 18:00, meaning that actual service hours remain unchanged. ATMs are accessible around the clock in all these locations.
18 August 2023
A new exhibition of art from Landsbankinn's collection will be opened in the event of Reykjavík Culture Night in the Bank’s branch at Austurstræti 11. The exhibition is titled Cyclical and is curated by Daría Sól Andrews.