Iceland lowers key interest rate to 13 pct

Bloomberg

Policymakers lowered the repo rate to 13 percent from 15.5 percent, Reykjavik-based Sedlabanki said on its Web site yesterday. The rate cut is the third since the island received a $5.1 billion International Monetary Fund-led bailout in November. The economy will slump 10.6 percent this year, the IMF estimates.