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Financial News: Iceland CB Holds Rate Unchanged, Slashes Growth Forecast

Iceland CB Holds Rate Unchanged, Slashes Growth Forecast

08/23/2017 - 10:41:00 (RTTNews)

(RTTNews) - Iceland's central bank left its key interest rate unchanged on Wednesday after keeping trimming it in June, and cut its economic growth forecasts.

The Monetary Policy Committee of the Sedlabanki left the rate on seven-day term deposits at 4.5 percent.

The rate was cut by 25 basis points each in May and June.

"The outlook is for GDP growth to be strong this year, as it was in 2016, albeit somewhat weaker than was forecast in the May issue of Monetary Bulletin," the bank said.

"GDP growth is driven in particular by growth in tourism and private consumption; furthermore, the outlook is for fiscal easing this year."

In the latest Monetary Bulletin, released on Wednesday, the bank trimmed its GDP growth outlook for this year to 5.2 percent from 6.3 percent forecast in the February issue.

The projection for next year was lowered to 3.3 percent from 3.5 percent.

Short-term inflation expectations have risen slightly, since the June policy session, probably reflecting the impact of the recent depreciation of the króna, the bank said, adding that long-term inflation expectations are broadly unchanged.

"Demand pressures in the economy call for a tight monetary stance so as to ensure medium-term price stability," the bank added.

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