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Financial News: Iceland CB Leaves Key Rate Unchanged At Record

Iceland CB Leaves Key Rate Unchanged At Record Low

08/26/2020 - 05:18:00 (RTTNews)

(RTTNews) - Iceland's central bank left its key interest rate unchanged at a record low on Wednesday.

The Monetary Policy Committee of the Central Bank of Iceland retained its key interest rate, which is the seven-day term deposit rate at 1.00 percent.

The bank has reduced the rate four times so far this year.

According to the latest macroeconomic forecast, the economy is set to contract 7 percent this year and unemployment to reach roughly 10 percent by the year-end.

Although the outlook for the second half of 2020 was somewhat poorer than was forecast in May, the contraction for the year as a whole was revised from -8 percent. The outlook was revised up mainly due to the robust private consumption seen during the spring and summer.

According to the Bank's forecast, inflation is expected to average about 3 percent over the remainder of 2020.

The bank said lower interest rates, together with actions taken by the central bank this spring, have supported domestic demand. The impact of these measures has yet to emerge in full, however, and they will continue to support the economy and facilitate a more rapid recovery than would otherwise occur, the bank added.

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