Iceland's president since 1996, Olafur Ragnar Grimsson, said on Friday he would not run for another term at the next election in June, Reuters reported.

In a New Year speech, Grimsson, 72, said he felt it was the right time "to transfer the responsibilities of the president onto other shoulders".

Grimsson had planned to step down at the last election in 2012, but changed his mind due to strong voter support.

Source: SPA