The Central Bank of Iceland kept its seven-day term deposit rate at a record low of 1 percent during its October 2020 meeting, following four consecutive rate cuts earlier this year. The central bank said GDP growth was slightly stronger than forecasted in the first half of the year although other indicators suggest that demand growth eased in late summer. Because of increased spread of the coronavirus, the economic outlook has deteriorated relative to the August forecast, policymakers added. Uncertainty is pronounced, however, and economic developments will depend to a considerable degree on the path the pandemic takes. source: Central Bank of Iceland
Interest Rate in Iceland averaged 7.11 percent from 1998 until 2020, reaching an all time high of 18 percent in October of 2008 and a record low of 1 percent in May of 2020. This page provides - Iceland Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Iceland Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020.
Interest Rate in Iceland is expected to be 1.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Iceland to stand at 1.25 in 12 months time. In the long-term, the Iceland Interest Rate is projected to trend around 1.50 percent in 2021 and 2.50 percent in 2022, according to our econometric models.