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Financial News: Iceland Keeps Key Rate On Hold

Iceland Keeps Key Rate On Hold

08/29/2018 - 05:33:00 (RTTNews)

(RTTNews) - Iceland's central bank maintained its key interest rates, as widely expected, on Wednesday.

The Monetary Policy Committee of the Central Bank of Iceland decided to hold the seven-day term deposits rate at 4.25 percent. The bank had lowered the rate by a quarter point in October 2017.

The central bank forecast the economy to expand 3.6 percent this year, which was slightly stronger than its previous estimate as favorable contribution from net trade outweighs weaker growth in domestic demand.

Nonetheless, GDP growth is still expected to ease with weaker export growth and a less rapid rise in domestic demand.

The MPC reiterated that it has both the will and the tools necessary to keep inflation at target over the long-term. If inflation expectations continue to rise and remain persistently at a level above the target, it will call for a tighter monetary stance.

If inflation expectations continue to rise and remain persistently at a level above the target, the MPC said it will call for a tighter monetary stance.

Policymakers said the near-term monetary stance will depend on the interaction between a narrower output gap, wage-setting decisions, and developments in inflation and inflation expectations.

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