The Central Bank of Iceland may shift towards a tougher monetary stance despite members of its monetary policy committee electing to keep the benchmark interest rate at 5.75% by a vote of three to two, minutes from the committee's October meeting indicate.

Two committee members voted to raise the rate by 25 basis points on account of high inflation, despite a recent decline in the annual rate to 4.3%. These members argued the weaker króna – which had depreciated by 6% the month previously –