UPDATE 1-Central Bank of Iceland says Asgeir Jonsson appointed governor

The Central Bank of Iceland said on Wednesday Asgeir Jonsson was appointed as its governor.

Iceland Prime Minister Katrin Jakobsdottir named Jonsson for a five year term that starts on Aug. 20, the central bank said in a statement http://bit.ly/2Sys5iI. Jonsson will replace Mar Gudmundsson as governor.

Jonsson, who obtained a doctoral degree in economics from Indiana University in the United States in 2001, has previously chaired a task force on the review of Iceland's monetary policy framework. From 2004-2011, Jonsson was the chief economist and head of research at the collapsed Kaupthing Bank, which was later reborn as Arion Bank.

His appointment comes about a month after Iceland's central bank cut its key deposit rate to the lowest since 2011.

Also Read: Central Bank of Iceland appoints Asgeir Jonsson as governor