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Financial News: Norges Bank Signals Rate Hike In December

Norges Bank Signals Rate Hike In December

11/04/2021 - 06:04:00 (RTTNews)

(RTTNews) - Norway's central bank left its key rate unchanged on Thursday and signaled a rate hike in December.

The Monetary Policy and Financial Stability Committee of Norges Bank unanimously decided to keep the policy rate unchanged at 0.25 percent.

"Based on the Committee's current assessment of the outlook and balance of risks, the policy rate will most likely be raised in December," Governor Øystein Olsen said.

The committee viewed that it will appropriate to raise the policy rate further from today's level as the economy normalizes. Uncertainty surrounding the effects of higher interest rates warrants a gradual rise in the policy rate.

The committee observed that global supply chain disruptions could dampen the economic upturn and also contribute to higher inflation in Norway.

Looking ahead, policymakers said higher economic activity and rising wage growth will likely lift underlying inflation, but the recent krone appreciation could curb the rise in prices.

The Norges Bank is all but certain to raise its policy rate by 25 basis points to +0.50 percent, in December, David Oxley, an economist at Capital Economics, said.

The economist expects it to hike once per quarter next year which would take the rate back to the pre-pandemic level of 1.50 percent by the end of 2022.

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