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Financial News: Norway Central Bank Signals June Rate Hike

Norway Central Bank Signals June Rate Hike

05/09/2019 - 08:28:00 (RTTNews)

(RTTNews) - Norway's central bank left its key interest rate unchanged in May, after hiking it in March, and signaled that the rate would be most likely be raised in June, in line with its earlier guidance.

The Executive Board of the Norges Bank held the key policy rate unchanged at 1 percent, in line with economists' expectations.

The central bank raised the policy rate by 25 bps in March after a similar size hike in September last year, which was the first increase in the rate since 2011. "The outlook and balance of risks continues to imply a gradual increase in the policy rate," the Norges Bank said. "The Executive Board's current assessment of the outlook and balance of risks suggests that the policy rate will most likely be raised in June", Norges Bank Governor Oystein Olsen said. The uncertainty surrounding global developments persists, while in Norway, capacity utilization appears to be rising broadly as expected and inflation has been slightly higher than projected, the bank noted.

Citing new information, the Norges Bank said that the outlook for the policy rate for the period ahead is little changed since the March Report.

"In summary, Norges Bank clearly clarified that markets should expect a rate hike in June, unless a considerable shock hits the economy," Danske Bank analysts said. "Our call remains that of two additional rate hikes in 2019 (June and December)."

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