Norges Bank
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
Norwegian Central Bank Eases More Forcefully Than Expected
December 14, 2011
The Norges Bank overnight deposit rate has been sliced 50 basis points to 1.75%. After the prior meeting in mid-October, officials on the Executive Board had predicted no changes “for some time ahead,” and analysts were debating whether Norwegian monetary officials would opt for a reduction of 12.5 bps or 25 bps. However, the ECB […] More
Norwegian Policy Rate Left at 2.25%
October 19, 2011
For the fourth straight time and as expected, the Norges Bank Executive Board left its policy interest rate at 2.25%. Moreover, the policy bias was changed from tightening to neutral. In June, officials had projected a likely rate range until October of 2.25-3.25%, but today’s statement identified the likely range between now and March 2012 […] More
Norwegian Executive Monetary Policy Board Keeps a 2.25% Policy Rate
September 21, 2011
The last full review by policymakers in June projected a range of 2.25% – 3.25% in its key interest rate through the subsequent big review on October 19. The rate was at 2.25% at the time of that prediction, that is at the floor of the indicated range. Subsequent policy meetings on August 10 and […] More
Norwegian Monetary Policy Requires a Balancing Act
August 10, 2011
The Norges Bank, Norway’s central bank, did not raise its policy interest rate of 2.25% even though that level is “low” and the last full review in June projected the key rate would lie between 2.25% and 3.25% between then and October. The explanation for today’s decision is contained in a statement that speaks of […] More
No Change This Month in Norwegian Policy Interest Rate
June 22, 2011
The Executive Board of the Norges Bank as expected left its key interest rate at 2.25%. Four increases of 25 basis points were implemented previously in October 2009, December 2009, May 2010 and, most recently, on May 12, 2011. A statement posted today on the central bank’s web site projects 3-4% real growth over the […] More
First Norwegian Rate Hike in a Year
May 12, 2011
The Executive Board of the Norges Bank raised its key policy rate to 2.25% from 2.0%. Three earlier hikes of 25 basis points each were implemented in October 2009, December 2009 and May 2010. The key rate remains 350 basis points lower than its pre-October 2008 cyclical peak of 5.75%. According to a statement released […] More
