Amendments Made to Iceland’s Central Bank Bill Skip to content

Amendments Made to Iceland’s Central Bank Bill

By Iceland Review

The Althingi parliament’s trade committee completed its review of the prime minister’s bill on amendments to the Central Bank’s senior management yesterday, introducing some changes.

The Central Bank of Iceland. Copyright: Icelandic Photo Agency.

The changes include that an assistant governor will be hired to replace the senior governor whenever necessary, Fréttabladid reports. As revealed earlier, the number of governors will be reduced from three to one.

The original bill stated that for an applicant to be deemed qualified for the position, he or she must hold a masers degree in economics. In the amended bill, this stipulation has now been broadened.

Furthermore, it was decided that the position of Central Bank governor should be advertised before a person is appointed to the post and that a three-person committee should evaluate the qualifications of applicants.

Representatives of the Independence Party, who have a seat on the committee, abstained when the matter was put to vote within the trade committee and requested special comments be filed.

MP for the Independence Party Birgir Ármannsson explained that the party’s representatives had generally agreed with the changes to the bill, but that they had wanted to include further changes, such as with regard to the organization of a planned monetary police committee.

The bill will be subject to a second round of discussions in parliament today. It could possibly take legal effect next week, after which the current Central Bank governors will automatically be forced to step down.

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