Iceland central bank report cautiously optimistic

kronurIceland’s financial stability campaign is bearing some good results, but much remains to be done. So says Central Bank of Iceland governor, Mar Gudmundsson.

Among other things, the exchange rate of the krona has appreciated and the sovereign credit rating has improved. On the other hand, there is still work to do in improving the supervision and regulatory environment for the financial sector, Gudmundsson said.

The Central Bank of Iceland yesterday released its whole-year report on the country’s financial stability. One of the report’s conclusions is that the process of getting the banks back on their feet again has gone well over the past year, but the position of the small regional savings banks is still not good enough. Developments in the financial sector are progressing in the right direction overall.

Gudmundsson added that the lightening recession and unemployment situations will continue to help the overall economic picture, but said it is not yet clear when the next step in the ongoing process of relieving capital controls can safely be taken, RUV reports.

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