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Financial News: Iceland Cuts Key Rate By 25 Bps

Iceland Cuts Key Rate By 25 Bps

10/04/2017 - 06:02:00 (RTTNews)

(RTTNews) - Iceland's central bank lowered its key interest rate by a quarter point as the economy is forecast to grow at a weaker pace this year.

The Monetary Policy Committee of the Central Bank of Iceland decided to lower the key seven-day term deposits rate by 0.25 percentage points to 4.25 percent.

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

Although GDP growth rate remains robust, the outlook is for growth to be weaker this year than in 2016, the bank noted.

Inflation has fallen in the past two months, to 1.4 percent in September. Measures of underlying inflation were even lower, policymakers observed.

The exchange rate of the króna was broadly unchanged since the MPC's last meeting, after falling during the summer, and was 4.5 percent higher than it was a year ago.

The bank said demand pressures in the economy call for a tight monetary stance so as to ensure medium-term price stability.

The monetary stance in the coming term will be determined by economic developments and actions taken in other policy spheres.

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