02 Feb '11, 10am

#singapore news: Iceland cuts main interest rate to 4.25%: REYKJAVIK - Iceland's central bank on Wednesday said

#singapore news: Iceland cuts main interest rate to 4.25%: REYKJAVIK - Iceland's central bank on Wednesday said

REYKJAVIK - Iceland's central bank on Wednesday said it had once again cut its key interest rate, reducing it by 0.25 percentage point to 4.25 percent amid dwindling inflation and a favourable exchange rate. The bank also lowered its other rates by 0.25 point, cutting its deposit rate to 3.25 percent, its maximum bid rate for 28-day certificates of deposit to 4.0 percent, and its overnight lending rate to 5.25 percent, it said in a statement. The central bank, or Sedlabanki, which cut its rates eight times last year - most recently in December when the key seven-day collateralised lending rate was slashed by 1.0 point - explained Wednesday's decision with a continued drop in inflation and a stronger krona. "Favourable exchange rate developments over the past year, declining inflation expectations, and the slack in the economy continue to contribute to low and stable inflat...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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