The Monetary Policy Committee of the Central Bank of Iceland has decided to hold the policy interest rate unchanged at 12.0 percent. Interest rates on current accounts are unchanged at 9.5 percent. Other Central Bank interest rates are also unchanged.
From Sedlabanki.is (Central Bank of Iceland)
Yes, policy rate should not be cut in August.
Policy rate could be cut in September ( 11% – 11,50% ) with an inflation at 10%