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Iceland makes early repayment of its loan to the Nordics and IMF
Friday, 16 March 2012Iceland’s remarkable economic turn around continue and the island country has now decided to repay some of its loans earlier that previously scheduled. This has to do with the repayment of its loan of Ikr116 billion or some Skr6.2 billion to the IMF and its Nordic neighbours.
This was announced by the central bank, Sedlabanki, on Thursday evening, according to Swedish business daily referring to Bloomberg News.
The early repayment is equivalent to just over 20 percent of the funding support that Iceland had from the IMF and the Nordic countries after its banks crash 2008
"Today's transaction is an element to pay off short term loans and thus reduce the cost of keeping the central bank's foreign reserves without increasing refinancing risks or to drain reserves ", said the central bank said in a statement.
Repayment of loans to the IMF of loans maturing in 2013, and for reimbursement to the Nordic countries comprise the loans with maturities in 2014 and 2015 and parts of the loans maturing in 2016.
The original credit program amounted to EUR 3.4 billion, equivalent to 4.45 billion dollars.
By Scancomark.se Team
