Iceland sets record 18% interest rate

Crisis-hit Iceland raised its key interest rate by a huge six percent to a record 18% today.

Iceland sets record 18% interest rate
Tue, 28 Oct, 2008 - 16:15

Crisis-hit Iceland raised its key interest rate by a huge six percent to a record 18% today.

The move was part of a rapid policy U-turn to meet the requirements of a $2m (€2.49m) rescue loan from the International Monetary Fund.

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