Iceland Cuts Rate By 75 Bps To Record Low

Iceland's central bank reduced its key interest rate by 75 basis points to a record low on Wednesday, as the economy is forecast to contract the most since 1920 due to the coronavirus pandemic. 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 75 basis points to 1.00 percent.