At its 31 October monetary policy meeting, Norges Bank (NB) decided to maintain the sight deposit rate unchanged at 1.50%, in a move widely expected by most market analysts. The decision represents the fourth consecutive meeting in which the Central Bank decided to stay put. Norges Bank stated that the key policy rate is being kept at a low level because inflation is low and global interest rates are at very low levels. In addition, growth in the country's main trading partners remains subdued and the krone has strengthened. On the domestic front, the Norwegian economy is solid and inflation will gradually pick up. According to Governor Oystein Olsen, the sight deposit rate will remain at the current level into next year, followed by a gradual increase towards a more normal level. The next monetary policy meeting is scheduled for 19 December.
Norway Monetary Policy
Norges Bank stays put in October
October 31, 2012
Looking for forecasts related to Monetary Policy in Norway? Download a sample report now.
Norway Monetary Policy Chart
Note: Sight Deposit Rate in %.
Source: Norway Central Bank.
Norway Economic News
October 10, 2016
In September, consumer prices climbed 0.3% from the previous month, which contrasted August’s reading (-0.5% month-on-month) but undershot market expectations of a 0.7% increase.
October 7, 2016
In August, industrial production decreased 4.7% over the previous month in seasonally-adjusted terms, which contrasted the 4.7% expansion recorded in July and marked the lowest reading since April 2015.
September 22, 2016
At its 21 September policy meeting, Norges Bank (NB) decided to leave its key policy rate at the all-time low of 0.50%, as was expected by market participants. Norges Bank noted that global growth was moderate and that in the medium term import demand from its main trading partners will be lower than previously expected.
September 9, 2016
In August, consumer prices dropped 0.5% over the previous month, which contrasted July’s reading (+0.6% month-on-month) and undershot market expectations of a 0.4% drop.
September 7, 2016
In July, industrial production expanded 5.5% over the previous month in seasonally-adjusted terms, which marked a rebound from the 4.7% fall recorded in June and represented the highest reading since October 2012.