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

Author/Editor:

International Monetary Fund

Publication Date:

February 11, 2009

Electronic Access:

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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.

Series:

Country Report No. 09/52

Subject:

English

Publication Date:

February 11, 2009

ISBN/ISSN:

9781451819403/1934-7685

Stock No:

1ISLEA2009002

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

21

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