As expected by most analysts, the Executive Board of the Norwegian Central Bank (Norges Bank) on Wednesday decided to keep the key policy rate unchanged at 2.00 per cent.
“The moderate recovery in the Norwegian economy is continuing, and inflation has moved broadly in line with projections. However, the turmoil in global financial markets is creating uncertainty with regard to economic developments. This suggests that the interest rate should be kept unchanged for a period and that the further increase will occur later than previously envisaged”, says Deputy Governor Jan F. Qvigstad.
“The outlook for Europe is uncertain. Many countries are compelled to implement substantial fiscal tightening. This will dampen economic activity and may have an impact on other countries, both within and outside Europe. The projections in Monetary Policy Report 2/10, presented today, are based on the assumption that the turmoil in financial markets will gradually pass. Interest rates abroad are nonetheless expected to remain low for a fairly long period”, says Qvigstad.
The Executive Board’s strategy is that the key policy rate should be in the interval 1½–2½ per cent in the period to the publication of the next Monetary Policy Report on 27 October unless the Norwegian economy is exposed to new major shocks.
(NRK/Press release)
The Executive Board of the Norwegian Central Bank (Norges Bank) has decided to keep the key policy rate unchanged at 1.5 percent. (Photo Norges Bank Deputy Governor Jan Qvigstad)
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The Executive Board of the Norwegian Central Bank (Norges Bank) has decided to keep the key policy rate unchanged, at 1.5 per cent. The record low key policy rate has remained unchanged since March 14th last year.
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As the Government began their annnual budget conference, Prime Minister Jens Stoltenberg said he is pleased with the development of the Norwegian economy, but sees challenges ahead in the work to form the budget for 2014.
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As expected by most analysts, the Norwegian Central Bank (Norges Bank)'s Executive Board has decided to keep the key policy rate unchanged at 1.5 percent.
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In its outlook, Statistics Norway (SSB) states that the Norwegian economy continues to defy the bleak global economy, and that activity growth is expected to remain reasonably high for the foreseeable future.
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As predicted by most analysts, the Norwegian Central Bank's Executive Board decided to keep the key policy rate unchanged at 1.5 percent.
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Developments of the Norwegian economy stand in stark contrast to the developments of many of the trading partners. Growth in the Norwegian economy is expected to continue ahead, albeit at a somewhat slower pace, says Finance Minister Sigbjørn Johnsen.
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The upturn in the Norwegian economy that started in spring 2011 is expected to continue for at least another four years, according to Statistics Norway (SSB).
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Norwegian branded consumer goods company Orkla ASA has signed an agreement with the Rieber family for the purchase of their shares in Rieber & Søn ASA.
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Since 2007, prices in the Norwegian real estate market have increased more than in any other industrialized country, according to figures from OECD.
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The Bank of Norway predicts that salaries will continue to increase, along with a low interest rate.
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Interest rates have been low for several years, and is one of the main reasons why real estate prices will continue to increase.
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Presenting the revised National Budget for 2012, Finance Minister Sigbjørn Johnsen said Economic activity in Norway has held up well in 2012, despite the global economic slowdown.
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