Tuesday, October 28, 2008

Iceland hikes rates to 18%

According to this report from BBC NEWS, Iceland's interest rate up to 18% from 12% as they struggle to stabilize their currency. The IMF has already loaned them $2billion and the Icelandic central bank figures they need another $4billion to do the job.

Meanwhile, the Icelandic crown traded internationally for the first time for a week on Tuesday, with the value slumping to 240 to the euro from Monday's official fix of 152.

They have a deep hole to climb out of before they see daylight again.

No comments: