Iceland cuts by 50 bp as króna stands ground

central-bank-of-iceland

The Central Bank of Iceland on Wednesday shaved half a percentage point off its benchmark seven-day collateral lending rate against expectations as the króna continued to cement gains in stability.

The central bank said the currency had held its own "despite internal and external developments that could have been expected to affect the króna negatively, in particular the recent turmoil caused by the president's decision not to sign the Icesave legislation." The krona exchange rate with the euro

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