Iceland's new MPC cuts by 100bp in first decision

The Central Bank of Iceland's Monetary Policy Committee, set up earlier this month, has cut the key policy rate by a full percentage point to 17%.

It is the first cut since the International Monetary Fund bailed out Iceland with a $2.1 billion loan last October.

"Economic indicators suggest that conditions for easing are in place. Inflationary pressures have subsided as demand and employment contract and the krona has stabilised," the central bank said. "The flexibility of the Icelandic econo

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