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Free AccessMNI: Norges Bank Leaves Rates Unchanged At 0.50% - Text
LONDON (MNI) - The Norges Bank has kept its key policy rate unchanged at
0.50%, assessing "the outlook and the balance of risks for the Norwegian economy
do not appear to have changed substantially since the September Report."
The full text of the Norges Bank statement follows.
--------------------------------------------------------------------------
Key policy rate unchanged at 0.50 percent
Norges Bank's Executive Board has decided to keep the key policy rate
unchanged at 0.50 percent.
There is a continued need for an expansionary monetary policy. Interest
rates abroad are low. There is still some spare capacity in the Norwegian
economy. The outlook suggests that inflation will remain below 2.5% in the
coming years.
The upturn in the Norwegian economy is continuing, and the output gap
appears to be somewhat narrower than previously projected. Inflation is low, but
a weaker krone than expected in September may lead to a faster rise in inflation
than forecast earlier. As spare capacity is absorbed, wage growth is also likely
to edge up.
On the whole, the changes in the outlook and the balance of risks imply a
somewhat earlier increase in the key policy rate than projected in the September
Report. Uncertainty surrounding the effects of monetary policy suggests a
cautious approach to interest rate setting, also when it becomes appropriate to
increase the key policy rate.
"The Executive Board's current assessment of the outlook and balance of
risks suggests that the key policy rate will remain at today's level in the
period ahead," says Governor Oystein Olsen.
The key policy rate in Monetary Policy Report 4/17 is forecast to remain at
0.5 percent in the period to autumn 2018, followed by a gradual increase.
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
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Why MNI
MNI is the leading provider
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