Iceland cuts rates to new record low of 0.75%
Central bank revises down 2020 GDP forecasts by more than one percentage point to -8.5%
The Central Bank of Iceland cut rates today (November 18) by 25 basis points due to the impact the pandemic is having on the economy.
The fifth rate cut in 2020 brought the key interest rate down to 0.75%, the lowest level on record. “The sharp rise in Covid-19 infections in the autumn and the tightening of disease control measures have led to a reduction in economic resilience,” says the policy statement.
The country has recorded 5,215 Covid-19 cases and 25 deaths, according to Johns Hopkins
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