Iceland tightens policy to tame inflation

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The Central Bank of Iceland increased interest rates today (October 6) in a bid to tame above-target inflation.

The monetary policy committee increased the key policy rate by 25 basis points to 1.5%. The rate on overnight loans is now 3.25%, on seven-day collateralised loans 2.25%, and on current accounts 1.25%.

The committee pointed out inflation rose year on year by 4.4% in September, considerably above the central bank’s 2.5% target.

Officials also stressed economic indicators signal a

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