Iceland: Stand-By Arrangement: Interim Review Under the Emergency Financing Mechanism

February 11, 2009

Preview Citation

Format: Chicago

Iceland: Stand-By Arrangement: Interim Review Under the Emergency Financing Mechanism, (USA: International Monetary Fund, 2009) accessed November 23, 2024

Summary

This paper describes the Stand-By Arrangement for Iceland under the Emergency Financing Mechanism. The crisis is producing a sharp contraction of economic activity. Indicators of consumption are plummeting, and the deterioration in the labor market is accelerating, with rising unemployment and falling real wages contributing to a considerable contraction in real incomes. Significant import compression is under way, allowing a sustained turnaround in the trade balance, as exports continue to benefit from a weaker króna. The króna interbank market is inactive, and equity markets remain under pressure with trade being thin.

Subject: Bank deposits, Banking, Commercial banks, External debt, Financial institutions, Foreign exchange, Loans, Public debt

Keywords: Amount, Bank, Bank asset valuation methodology, Bank recapitalization timetable, Bank restructuring committee, Central bank, CR, Debt, Debt management, Exchange rate, Iceland, ISCR, Króna, Loans, Short-term debt

Publication Details

Pages:

21
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2009/052
Stock No:

1ISLEA2009002
ISBN:

9781451819403
ISSN:

1934-7685

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