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Iceland cuts key interest rate 1 point to 10 pct

Published: December 10, 2009 4:13 AM
By The Associated Press  

Quick ReadIceland lowers key interest rate by a full point to 10 percent

REYKJAVIK, Iceland (AP) — Iceland's central bank on Thursday cut its key lending rate a full point to 10 percent.

The seven-day collateral lending rate had peaked at 18 percent in October last year as Iceland's banking system collapsed under the strain of a global credit crisis.

Sedlabanki, the central bank, also cut its overnight lending rate by 1.5 percentage points to 11.5 percent....

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