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Norway’s CB hikes rate by 25 bps

Publicerad: 20 September 2018, 12:19

Øystein Olsen, Governor of Norges Bank. Photo: Norges Bank.

Norges Bank, the Norwegian central bank, has decided to raise the main policy rate by 25 bps to 0.75 per cent. In a statement, the bank ascertains that the Norwegian economy continues to gain pace and that capacity utilisation appears to be reaching a “normal” level.


Norges Bank, the Norwegian central bank, has decided to raise the main policy rate by 25 bps to 0.75 per cent. In a statement, the bank ascertains that the Norwegian economy continues to gain pace and that capacity utilisation appears to be reaching a “normal” level. Thus, underlying inflation is approaching the inflation target of 2 per cent.

“Overall, the outlook and the balance of risks imply a gradual interest rate increase in the years ahead. If the key policy rate is kept at the current level for too long, price and wage inflation may accelerate and financial imbalances build up further. That would increase the risk of a sharp economic downturn further out. Uncertainty surrounding the effects of higher interest rates suggests a cautious approach to interest rate setting,” Norges Bank writes in its statement.

The rate hike is in line with the banks forward guidance from July and there is little change in the interest rate outlook presented in July. Hence, the bank’s Governor indicates that the key policy rate will be raised again during the first quarter of 2019.

Sverrir Thór

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