Central Bank of Iceland clears rate confusion

The Central Bank of Iceland has issued a statement in which it "underlined" that its new representation of interest rates implies "no change in policy rates."

The clarification comes after a switch to a new representation of interest rates, announced on 16 May, caused some confusion amongst member of the broader public. Policy interest rates for the island economy are now represented as a 13.3% nominal interest rate, instead of 14.25%, which is the corresponding annual rate of return.

The new

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