Norway: Norges Bank maintains key policy rate unchanged
May 8, 2013
At its 8 May monetary policy meeting, Norges Bank (NB) decided to keep the sight deposit rate unchanged at 1.50%, in a move expected by most market analysts. The decision represents the seventh consecutive meeting in which the Central Bank decides to stay put.
The Bank acknowledged that developments in the Norwegian economy came in broadly in line with expectations. Economic activity remains strong, while inflation moderated slightly. Moreover, the krone has depreciated in recent months. Meanwhile, global growth remains solid despite weaker economic conditions in the Euro area. According to the central bank's Governor Oystein Olsen, the first increase in the key policy rate is projected to take place in spring 2014. The next monetary policy meeting is scheduled for 20 June.