Iceland lowers interest rates

Seðlabankinn1The Monetary Policy Committee (MPC) has voted to lower Central Bank interest rates by 0.5 percentage points. The deposit rate (current account rate) will be 6.5% and the maximum bid rate for 28-day certificates of deposit (CDs) will be 7.75%. The seven-day collateralised lending rate will be 8% and the overnight lending rate 9.5%.

(Central Bank of Iceland press statement)