Már Guðmundsson was appointed to his current position as Governor of the Central Bank of Iceland in August 2009 for a term of five years. He was reappointed in August 2014. From 2004 until his appointment as Governor, he served as Deputy Head of the Monetary and Economic Department (MED) at the Bank for International Settlements. From 1994 to 2004 Mr. Gudmundsson was Chief Economist and Director of the Economics Department at the Central Bank of Iceland. He joined the department as an economist in 1980 and later held the position of Manager and Head of Research. From 1988 to 1991 he served as economic adviser to the Minister of Finance in Iceland. Mr Gudmundsson has a BA-honours degree in Economics from the University of Essex and a M Phil degree in Economics from the University of Cambridge.