Iceland slashes interest rate to 12%
China Daily | Updated: 2008-10-16 08:05
Iceland's central bank cut its benchmark interest rate by 3.5 percentage points following the collapse of the country's three largest banks.
Policymakers agreed to reduce the key rate to 12 percent from 15.5 percent at an unscheduled meeting yesterday, the Reykjavik-based bank said in a statement on its website.
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