Iceland boosts reserves despite volatility in 2019

Central bank carried out FX interventions to offset “abrupt weakening” of krona

central-bank-of-iceland

The Central Bank of Iceland increased its international reserves in 2019, despite foreign exchange interventions to stem the rapid fall of the krona in the first half of the year.

In dollar terms, the portfolio increased by 7.9% to $6.8 billion, up from $6.3 billion in 2018, said the central bank in a report published on January 14.

This performance boosted reserves to reach 28% of Iceland’s GDP, up from 26% in 2018. The portfolio now covers nine months of imports, up from eight. This took

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