Iceland cuts rates on krona strength
The Central Bank of Iceland on Thursday cut its key seven-day collateral lending rate by one percentage point to 11%.
In a sign that the Icelandic economy is regaining stability, the central bank's Monetary Policy Committee (MPC) also voted to trim half a point off the current account rate and 1.5% off the overnight lending rate, leaving those rates at 9% and 13% respectively. It has seen rates come down significantly from a high of 18% in March.
The MPC strongly suggested the possibility of
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