Finance: Key Policy Rate unchanged
“Underlying inflation is around 1½ per cent, approximately as projected. Both the consideration of bringing consumer price inflation up to target and the consideration of stabilising developments in output and employment imply a low key policy rate”, says the Central Bank's new Governor Øystein Olsen. He says that activity in the global economy is increasing and commodity prices are rising, but the outlook for Europe remains highly uncertain. Interest rates abroad have risen since October, but are still low. In Norway, the rise in house prices and consumer spending have picked up. The consideration of guarding against the risk of future financial imbalances that may disturb activity and inflation somewhat further ahead suggests that the key policy rate should not be kept low for too long, Olsen says. On the other hand, a strong krone may lead to inflation becoming too low. “An overall assessment of the outlook and the balance of risks suggests that the key policy rate be left unchanged at this meeting”, says Governor Olsen. (NRK/Press release)
Thursday, 27 January 2011 07:46
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The Executive Board of the Norwegian Central Bank (Norges Bank) decided Wednesday to keep the key policy rate unchanged at 2 per cent.
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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Norway's famous Viking ships will remain in their present berth at Bygdøy. A plan by some city officials to move the ships and related finds to a new museum at Bjørvika, Oslo's medival centre, has been shelved for good.
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The Norwegian Government has proposed to Parliament (Storting) the establishment of a new state-owned company to manage the Norwegian state-funded export credit scheme. (Photo: Minister of Trade and Industry, Trond Giske)
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Eight out of ten people in Norway, in the age group 18-44, choose to pay with their bankcard, regardless of the amount they buy for, according to a new survey.
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The proposals for a new national transport plan has been presented. It calls for more money to be spent on public transport in and around the larger cities, and less on large road projects.
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The executives carry most of the responsibility for achieving a moderate wage settlement, Prime Minister Jens Stoltenberg told business leaders at the annual meeting of the Confederation of Norwegian Enterprise (NHO).
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Norway has offered up to NOK 55 billion (equivalent to 7 billion euros) to the International Monetary Fund, as a bilateral loan to contribute to stabilising the European and international economy. (Photo: Prime Minister Jens Stoltenberg)
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The cost of damages caused by bad weather in Norway in 2011 will amount to a total of more than NOK 820 million, according to Finance Norway (FNO) the trade organisation for banks, insurance companies and other financial institutions in Norway.
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