Central Bank of Iceland raises rates again


The monetary policy committee of the Central Bank of Iceland increased interest rates by 25 basis points at its meeting today (August 25).

This is its second 25bp rate hike since May, reinforcing its post-pandemic tightening cycle. The seven-day term deposit rate is now at 1.25%, the overnight loan rate at 3%, the current account rate at 1%, and the seven-day collateralised rate at 2%.

The increase still leaves the key seven-day term deposit rate well below the 3% level at which it entered the

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