Iceland's central bank slashed its key interest rate further to a new record low and the countercyclical capital buffer was lowered to zero to improve credit supply, as the economic outlook deteriorates further on the outbreak of coronavirus, or Covid-19.
The Monetary Policy Committee of the Central Bank of Iceland, on Wednesday, decided to cut the key interest rate, which is the seven-day term deposit rate, by 50 basis points to 1.75 percent.
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