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

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.
Publication date: February 2009
ISBN: 9781451819403
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Banks and Banking , International - Economics , central bank , foreign exchange , banking , external debt , recapitalization

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