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Central Bank of Iceland reduces key interest rate

The Central Bank of Iceland reduced its key interest rate by 0.25 percentage point to 4.25%, saying inflation has decreased in the past two months, with measures of underlying inflation also declining.

The bank said inflation was measured at 1.4% in September and measures of inflation expectations are in line with the inflation target.

Iceland's GDP growth is expected to be weaker in 2017 than in the previous year as growth in tourism has eased, the central bank said.