Iceland hikes rates for first time since 2016

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The Central Bank of Iceland increased its policy rate on November 7 for the first time since August 2016.

The monetary policy committee raised the rate by 25 basis points to 4.5%.

The committee’s statement says expected inflation in Iceland is expected to rise, and to continue above target in 2019. Inflation has followed an upward trend since mid-2017, reaching  2.8% in October. The central bank’s target range is 2.5%.

The rate hike takes place after Iceland’s government announced

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