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)
"Overall developments in the Norwegian economy have been broadly in line with expectations. The key policy rate has therefore been left unchanged", says Deputy Governor Jan F. Qvigstad.
Growth prospects for the euro area have weakened somewhat, but global growth remains robust. Interest rates abroad have fallen further. In Norway, inflation has been slightly lower than expected, and there are prospects that wages will rise somewhat less than projected. On the other hand, the krone has depreciated. The Norwegian economy is growing at a solid pace and unemployment is low. Household debt continues to rise from a high level.
The key policy rate is low because inflation is low and because external interest rates are very low.
"In March, the key policy rate was projected to remain at around the current level for the next year before being raised gradually towards a more normal level. There is no basis for changing this assessment now", says Deputy Governor Qvigstad.
(NRK/Press release)
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