Iceland’s monetary policy committee raised the country’s headline rate by 100 basis points on June 22, as inflation rose well above target.
It warned it would probably raise rates higher “to ensure that inflation eases back to target within an acceptable time frame”.
This is the second consecutive 100bp hike the MPC has made, the first being in May. These have been its largest upward adjustments in the rate since 2008, during the global financial crisis, in which most of Iceland’s banking
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