Latest Icelandic Central Bank Rate Hike… and More Promised Ahead
August 24, 2022
the Iceland’s seven-day term deposit rate was raised by 75 basis points to a six-year high of 5.5%. The current tightening cycle in Iceland began in May 2021 from a base of 0.75% and has further distance to go, according to a statement from the Central Bank of Iceland’s Monetary Policy Committee released today. Icelandic consumer price inflation jumped 1.1 percentage points to 9.9% in July, which is the most since 2009 and well above the 2.5% medium-term target. The economy has been expanding faster-than-assumed, prompting officials to revise their projection for 2022 up 1.3 percentage points to 6.0%.
Copyright 2022, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
Tags: Central Bank of Iceland
ShareThis
