March 5, 2020 / 9:46 AM / a month ago

Iceland's cbank likely to cut key rate on coronavirus impact

COPENHAGEN, March 5 (Reuters) - Iceland’s central bank is likely to cut its benchmark deposit rate at its next rate meeting in March due to a possibly larger-than-expected contraction in production output, according to Icelandic newspaper Visir quoting the central bank governor.

“This will mean a larger contraction in output this year than we expected, and it likely means that we need to relax monetary policy,” Asgeir Jonsson told the newspaper in an article published late on Wednesday.

The central bank confirmed Jonsson’s comments to Reuters. (Reporting by Nikolaj Skydsgaard; Editing by Toby Chopra)

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