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Iceland announces new central bank head

By Talia Xefos

Iceland’s government has announced that Mar Gudmundsson, a senior Bank for International Settlements official, will be its new central bank chief.

Gudmundsson, a Cambridge University economics graduate, will replace Norwegian Svein Harald Oygard on August 20 as the central bank governor, serving a five-year term.

Oygard became interim governor in February after his predecessor, David Oddsson, was forced out. Many in Iceland see Oddsson as one of the main figures responsible for the humiliating economic collapse late last year.

Commenting about Gudmundsson’s appointment, Jaime Caruana, general manager at the BIS, says: “During the past five years, he has been a much valued member of the Bank’s senior management team. We look forward to continuing to work with him in this new capacity.”

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