Norges Bank

Norwegian Monetary Policy Unchanged

September 18, 2014

The Executive Board of Norges Bank left its key interest rate at 1.5%.  This was the fifteenth consecutive meeting to decide that policy didn’t need changing, and at 1.5% such is just 25 basis points above the Great Recession low.  Seven reductions between October 2008 and June 2009 had cut the interest rate to 1.25% […] More

Norges Bank

March 27, 2014

The Executive Board of Norway’s central bank chose to retain the overnight deposit rate at 1.5%, its level since cuts of 50 basis points in December 2011 and a follow-up 25 basis points in March 2012.  Moreover, a released statement included forward guidance that the key interest rate will likely not be raised until the […] More

Dollar in a Holding Pattern

December 5, 2013

The dollar is unchanged from Wednesday closing levels against the euro, Swissie, kiwi and yuan.  The U.S. currency has edged up 0.2% against sterling but is 0.2% lower versus the yen and 0.1% softer relative to the loonie.  It has ticked 0.1% higher against the Aussie dollar, whose trade deficit in October widened more than […] More

Norwegian Central Bank Rate Left at 1.5%

June 20, 2013

Rate History:  The key policy rate was slashed from 5.75% in October 2008 to 1.25% by mid-2009, then raised four times by 25 bps each between October 2009 and May 2011.  From the resulting 2.25% level, the Executive Board later implemented two reductions, first by 50 bps to 1.75% in December 2011 and by 25 […] More

Norwegian Monetary Policy Remains on Hold

May 8, 2013

There hasn’t been a Norwegian interest rate change in 14 months.  The 1.5% policy rate was reaffirmed after the Executive Board of Norges Bank met.  Analysts were not looking for a policy change at this time.  The rate was cut by 450 bps to 1.25% between October 2008 and mid-2009, raised back to 2.25% in […] More

Norges Bank Leaves Key Policy Interest Rate at 1.5% in Norway

December 19, 2012

Norges Bank in October 2009 became the first European central bank to hike its policy interest rate following the Great Recession.  Thanks to cuts of 50 basis points a year ago and a further 25 bps in March 2008, however, the current 1.5% level is on net only 25 basis points above the 2009 trough […] More

Norwegian Interest Rate Kept at 1.5%

November 2, 2012

On Wednesday, the Norges Bank Executive Board announced a decision not to change its 1.5% policy rate.  It had been at that level since two cuts of 50 basis points in December 2011 and 25 bps in March 2012.  The rate bottomed at 1.75% in the Great Recession and had undergone 100 basis points of […] More

Little Change in Dollar as Draghi Defends Non-Standard Measures

August 29, 2012

The dollar is 0.2% stronger against the euro, Swissie, and yen.  The greenback also eased 0.1% versus sterling and the Canadian, Australian and New Zealand dollars.  The yuan is steady. In a published interview, ECB Pdt Draghi, who will not be attending the Jackson Hole Symposium this weekend, took on his German and Dutch critics, […] More

Norway Monetary Policy Likely to Tighten before 2013

June 20, 2012

The Executive Board left its key policy rate at 1.5%, the same decision of no change that was made at the prior meeting on May 10.  Earlier, the Norges Bank’s rate had been cut by 50 basis points last December and a further 25 bps in March.  A statement observes that Norway’s economy has expanded […] More

Norges Bank Doesn’t Loosen Norwegian Monetary Policy Any Further

May 10, 2012

Norway’s overnight deposit rate had been cut by 50 basis points last December and 25 basis points in March of this year, reversing three of the four 25-bp hikes implemented between October 2009 and May 2011.  At 1.5% the key rate is historically low but not as much so as key interest rate levels in […] More