Norway: Norges Bank keeps sight deposit rate unchanged
December 19, 2012
At its 19 December monetary policy meeting, Norges Bank (NB) decided to maintain the sight deposit rate unchanged at 1.50%, as it was expected by most market analysts. The decision represents the fifth consecutive meeting in which the Central Bank decides to stay put.
Norges Bank stated that growth among Norway's main trading partners remains subdued and that there is still uncertainty regarding future developments. In addition, the Bank assessed positively actions taken in the Eurozone to improve funding in indebted countries. On the domestic front, Norges Bank stressed that growth in mainland Norway was somewhat below expectations and that inflation remains low. According to the Executive Board, the sight deposit rate will remain at an interval between 1% and 2% in the first quarter. The next monetary policy meeting is scheduled for 14 March of 2013.