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Financial News: Iceland Central Bank Keeps Rates On Hold

Iceland Central Bank Keeps Rates On Hold

10/07/2020 - 05:32:00 (RTTNews)

(RTTNews) - Iceland's central bank left its key interest rate unchanged at a record low amid deteriorating economic outlook.

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.

Due to the increased spread of the coronavirus in the recent past, the economic outlook has deteriorated relative to the August forecast. Uncertainty is pronounced and economic developments will depend to a considerable degree on the path the pandemic takes, the bank said.

According to central bank, considerable slack in the domestic economy will cause inflation to subside as the effects of the depreciation of the currency taper off.

More firmly anchored inflation expectations provide monetary policy the scope to respond decisively to the deteriorating economic outlook, the bank added. The easing measures taken by the central bank have supported domestic demand and the impact of these steps has yet to emerge in full.

The MPC said it will continue to monitor economic developments and will use the tools at its disposal to support the domestic economy and ensure that the more accommodative monetary stance is transmitted normally to households and businesses.

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