Reykjavik  - The interim prime minister of Iceland Friday presented amendments to the composition of the central bank.

Prime Minister Johanna Sigurdardottir presented the bill that included that the current system of three governors would be replaced with a single governor.

The position would be advertised and the governor would be required to have "completed a master's degree in economics and have extensive experience and expertise in monetary issues," the bill said.

The governor would have a seven-year term and could only seek one second term.

In addition a new five-member monetary policy committee was to be created including the central bank governor.

Sigurdadottir earlier this week wrote the three current governors asking that they step down, but that has yet to take affect.

The proposed changes would end central bank governor David Oddsson's tenure. The 61-year-old veteran politician is a trained jurist.

He served as premier from 1991 to 2004 and also was foreign minister 2004 to 2005 until he was named central bank governor.

Mass protests have been held since October when the country's three banks Glitnir, Landsbanki and Kaupthing were nationalized in the face of collapsing amid the global credit crunch.

Protesters have also targeted the central bank, and especially Oddsson blamed for failing to handleg the fall-out from the global financial crisis, which has left the island nation of some 320,000 people near bankruptcy.

The interim government that includes the premier's Social Democratic Alliance and the Left-Green Movement will run the country until early elections, likely on April 25. (dpa)