Iceland climbs into profit; postpones pay rises

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The Central Bank of Iceland swung back into the black in 2009 according to its Annual Report for the year, published on Wednesday.

The central bank turned a Ikr500m ($3.9m) profit last year, bouncing back from a Ikr8.6 billion loss in 2008. The profit came on the back of the impact of the krona's depreciation on the value of the central bank's foreign-exchange reserves. When these gains were taken out of the equation, the central bank saw an operating loss of Ikr2.5 billion for 2009. However,

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