Inflation figures for June reflect the impact of the opening of Costco warehouse club on the retail industry in Iceland, according to Arion Bank’s research division.
Despite a recent drop in the value of the Icelandic króna, it is likely to keep rising in the long term, according to Daníel Svavarsson, an economist at Landsbankinn bank.
The strong value of the Icelandic króna has begun to threaten Icelandic companies, and as a result, jobs, Iceland’s Minister of Finance Benedikt Jóhannesson told RÚV earlier this week.
Benedikt Jóhannesson, Iceland’s minister of finance, believes the Monetary Policy Committee of the Central Bank of Iceland ought to lower interest rates considerably this month.
A new service and community center in the West Fjords village of Þingeyri hopes to become a national example of how to deal with, and create opportunity from, the loss of important services in remote villages.
Iceland’s finance minister, Benedikt Jóhannesson, has put forward plans to increase VAT on tourism related services, while lowering the overall highest VAT rate.
The price of real estate in Iceland is no longer driven by increased purchasing power, but rather by a lack of housing and the fear that the housing supply will continue to diminish.
At a press conference yesterday, Icelandic Prime Minister Bjarni Benediktsson and Minister of Finance Benedikt Jóhannesson announced that all capital controls for individuals, companies and pension funds will be lifted tomorrow.
Preliminary figures show that gross domestic product in Iceland grew by 7.2 percent in real terms last year.
Governor of the Central Bank of Iceland Már Guðmundsson does not like the idea, introduced earlier this week by a construction company, to offer 95 percent loans to home buyers.
Icelandic Family Aid expects to assist about 700 families or 2,000 individuals in dire need this holiday season.
The Icelandic government’s budget bill was presented in Alþingi, the Icelandic parliament, yesterday when Alþingi reconvened.
Representatives of fish processing companies in the northern part of the West Fjords are worried about the strong value of the Icelandic króna, which has caused them a considerable loss of income.
The Monetary Policy Committee of the Central Bank of Iceland has decided to keep the bank’s interest rates unchanged.
A new study shows that in order to construct each square meter of residential housing in Iceland, 35-60 percent more man-hours are needed than in Norway.
On October 6, 2008, the decision was made to provide Kaupþing bank with a EUR 500 million loan, even though it was thought unlikely that the loan would ever be repaid.
Yesterday, Icelandic MPs unanimously voted to pass a parliamentary bill regarding the lifting of capital controls.