Iceland cuts interest rates to 15.5 percent

Iceland's central bank lowered base interest rates for the second time in less than a month on Wednesday -- to 15.5 percent from 17 percent -- as inflationary pressures waned after an international bailout last year.

Sedlabanki governor Svein Harald Oygard said a further depreciation in the country's ailing currency, the krona, since the bank's last rate decision on March 19 was due to "transitory factors" such as large seasonal interest payments on non-resident currency holdings, rather than the cut in the main policy rate.

The bank had indicated last month that the need to support the krona had prevented policy makers from voting for a larger cut.

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- Posted: 2009-04-08 07:46:45

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