Norges Bank announces interest rate increase in September

Norges Bank headquartersNorges Bank headquarters.

The board of directors at Norges Bank maintains the key interest rate unchanged at 0.5 percent. The interest rate has been unchanged for more than two years, but it most likely will go up in September.

 

The key interest rate has been at a record low of 0.5 percent since March 17, 2016. The decision at the monetary policy meeting is in line with the expectations of analysts.

“As we look at the outlook and the risk picture, the key rate will most likely go up in September this year,” said Central Bank chief Øystein Olsen in a press release.

The central bank emphasizes that the prospects for the Norwegian economy indicate that it will soon be time to raise the key rate. Uncertainty about the effects of a higher interest rate will be noticed as we progress further carefully watching. As in March, the outlook and the risk picture generally indicate a gradual rise in interest rates in the years to come.

 

© NTB scanpix / #Norway Today

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