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Norges Bank Stands Pat As Expected

Norges Bank Stands Pat As Expected

2017-05-04 08:38:00
Oliver Morrison, Analyst
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Talking Points

- Norway’s central bank has kept interest rates on hold at 0.50%.

- Bank says it plans to keep rates on hold for the foreseeable future.

- See the DailyFX Economic Calendar and see what live coverage for key event risk impacting FX markets is scheduled for the week on the DailyFX Webinar Calendar.

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Norway’s central bank has kept interest rates on hold at 0.50% at its latest policy meeting, as was widely expected. It said there was still a need for an expansionary monetary policy, as outlined in its Monetary Policy Report in March.

The meeting Thursday was not a Monetary Policy Report meeting, so there no changes to the policy rate forecast or other projections, although the bank said it plans to keep rates on hold for the foreseeable future.

Governor Øystein Olsen said the outlook and balance of risks for the Norwegian economy seems not changed significantly since the last Monetary Policy Report. It added that it will increase the frequency of its meetings and publish more information on its discussions in an effort to improve transparency around its policies.

EURNOK and USDNOK were unmoved by the announcement.

Chart by IG

--- Written by Oliver Morrison, Analyst

To contact Oliver, email him at oliver.morrison@ig.com

Follow Oliver on Twitter @OPWMorrison

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