Iceland's central bank lowers interest rates by one percent

08:45, August 19, 2010      

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The Central Bank of Iceland, the Sedlabanki, cut its key interest rate by one percentage point to 7.0 percent, according to a statement reaching here from the bank in Reykjavik on Wednesday.

The current account rate, the maximum bid rate for 28 day certificates of deposit, the seven-day collateralized lending rate and the overnight lending rate will also be cut by one percentage, the Sedlabanki said in the statement.

The Sedlabanki had lowered the interest rates last time in June 23.

Analysts hold that the measure shows the stability of the financial situation in Iceland and the confidence to encourage more consumption.

The Sedlabanki had raised its main interest rate to 18 percent in late 2008 when Iceland's financial system collapsed as a result of the global financial crisis.

Source:Xinhua

(Editor:黄蓓蓓)

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