August 29, 2018 / 9:12 AM / in 8 months

Iceland central bank keeps interest rate steady

COPENHAGEN, Aug 29 (Reuters) - Iceland’s central bank on Wednesday kept its key deposit rate unchanged at 4.25 percent and said it expects the economy to grow this year more than it previously forecasted.

The central bank now expects its gross domestic product (GDP) to grow 3.6 percent this year compared to a previous forecast in May of 3.3 percent. Growth next year is seen slowing to 2.7 percent from the 3.0 percent it had forecasted in May.

The central bank last cut the rate in October last year in response to a tourism boom that had strengthened the country’s crown currency. (Reporting by Stine Jacobsen; Editing by Jacob Gronholt-Pedersen)

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