Iceland’s central bank cuts rates by 50 basis points

The Central Bank of Iceland

The monetary policy committee of Iceland’s central bank has cut its key policy rate by 50 basis points to 4%, it announced today (May 22).

Its decision was prompted by a sharp fall in its predictions for the country’s GDP growth.

“Output is now forecast to contract by 0.4% this year, instead of rising by 1.8%, as was forecast in February,” the Central Bank of Iceland said.

Iceland has an estimated population of 358,000 and an economy centred around a few industries. The central bank said its

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