Iceland Central Bankers Discussed Rate Increase, Minutes Show

Members of the Iceland central bank’s policy board discussed increasing the benchmark interest rate by 25 basis points at a March 19 meeting, according to minutes published today.

The Monetary Policy Committee “was of the opinion that, based on information emerging since its last meeting, there were grounds for keeping interest rates unchanged or for raising them by 0.25 percentage points,” according to the minutes. Central bank Governor Mar Gudmundsson “proposed that rates be held unchanged.”

Four out of five committee members “voted in favor of the Governor’s proposal,” according to the statement. One member argued for raising rates by 0.25 percentage points.

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