Iceland’s central bank raised borrowing costs to a six-year high and hinted at further tightening as it tries to curb an overheating housing market that has driven inflation to its highest level in more than a decade. The seven-day term deposit rate rose 75 basis points to 5.5% on Wednesday, in line with market expectations. […]
Tag: Iceland
Iceland: Volcano erupts near Reykjavik
LAST UPDATE: 23.40 A volcanic eruption began today near Reykjavik, the capital of Iceland, at a fissure spewing lava near the site of Mount Fagrandalsfial, where a volcano had already erupted in 2021. The fissure, located nearly 40 kilometers from Reykjavik, was showing jets of lava that turned into smoking rock as the material cooled. […]
Iceland: Central bank raises interest rates by 1%
Iceland’s central bank raised borrowing costs again by a percentage point to a five-year high, doubling its efforts to fight inflation and slow down one of the hottest housing markets in Europe. The seven-day time deposit rate rose 100 basis points to 4.75% on Wednesday, in a move that was 0.25% higher than expected from […]
Iceland has seen the largest rate hike since the 2008 crisis
The central bank of Iceland has raised interest rates more sharply since the global financial crisis of 2008, trying to tame inflation triggered mainly by a spike in property prices. In particular, according to Bloomberg, the Reykjavik Monetary Policy Committee increased the interest rate on seven-day time deposits by 75 basis points to 2.75%, which […]
Record number of new coronavirus cases in Denmark and Iceland
Denmark and Iceland today announced a new record daily Covid-19 cases, which may mean that the wave of infections associated with the new Omicron variant of the coronavirus has not yet reached its peak in both countries. Norway, for its part, announced that the new variant of the coronavirus is henceforth the prevailing one in […]
Iceland: Government imposes new restrictions and calls for a third tranche
To address the record increase in Covid-19 cases, the Icelandic government today announced a series of measures, including a return to mandatory mask use in some areas and a reduction in the number of participants in public rallies. The country’s chief epidemiologist also called for a third dose to all citizens over the age of […]
It looks like a city. NASA showed from space a volcanic eruption near the capital of Iceland – photo
The US aerospace agency NASA captured from space the eruption of the Fagradalsfjall volcano near the capital of Iceland, Reykjavik. Photo published by NASA Earth Observatory. As noted, the eruption began on March 19. Although small compared to other recent eruptions in Iceland, it was bright and large enough to be observed by satellites. […]