Iceland cuts key rate from 11 to 10%: central bank

Iceland’s central bank on Thursday cut its benchmark interest rate by one percentage point to 10 percent as the country’s battered economy slowly recovers, it said. The bank, which was to detail the reasons behind its decision later Thursday, also lowered its deposit rate a half-point to 8.5 percent.

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Iceland cuts key rate from 11 to 10%: central bank