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Financial News: Norway Central Bank Keeps Rate Unchanged

Norway Central Bank Keeps Rate Unchanged

11/05/2020 - 07:08:00 (RTTNews)

(RTTNews) - Norway's central bank kept its key interest rate unchanged at zero, as widely expected, on Thursday.

The Monetary Policy and Financial Stability Committee unanimously decided to retain the policy rate at zero percent, Norges Bank said in a statement.

Due to the increased Covid-19 infection rates and more containment measures, Norway will likely put a brake on the upswing in the coming period, the bank noted.

Underlying inflation is forecast to remain moderate in the coming years due to the gradual fading of the effects of the krone depreciation and the prospects of low wage growth.

The sharp economic downturn and considerable uncertainty surrounding the outlook suggest keeping the policy rate on hold until there are clear signs that economic conditions are normalizing, the bank said.

David Oxley, an economist at Capital Economics, said the economy is likely to prove comparatively resilient during the second wave, but the interest rate is expected to remain on hold until at least 2023.

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