The Norwegian Central Bank (Norges Bank)’s Executive Board has decided to keep the key policy rate unchanged at 2.25 per cent.
Key policy rate unchanged“Based on Norges Bank’s current assessment, the key policy rate will be kept at the current level for some time ahead”, says Governor Øystein Olsen. Advanced economies are likely facing an amplified and prolonged downturn. Financial markets are marked by turbulence and uncertainty. “Turbulence and weaker prospects abroad are also affecting the outlook for the Norwegian economy”, says Governor Olsen. Olsen pointed out that inflation is low in Norway, but that growth in the Norwegian economy remains robust. There is an unusually high level of uncertainty surrounding developments ahead. The analyses in the October 2011 Monetary Policy Report suggest that the key policy rate will increase again in a year’s time, he said. “If the turbulence abroad intensifies and the outlook for growth and inflation weakens further, the key policy rate may be reduced. If there are prospects for higher growth and inflation, the key rate may rise earlier”, says Governor Olsen. (NRK/Press release)
Thursday, 20 October 2011 06:35
Posted in Section:
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Category:
Money and Finance
Written by Rolleiv Solholm
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