The Norges Bank held interest rates at 0.0%, but the statement indicated that rates would increase earlier than expected in September with hikes starting in 2022.
The rhetoric stands out in stark contrast to very dovish rhetoric from most global central banks which boosted the krone.
Image: USD/NOK exchange rate chart
The euro-to-krone rate dipped to test support below 10.50 for the first time this month with the dollar-to-krone rate at 16-month lows just below 8.60. The pound-to-krone rate retreated to 11.67, still above December lows below 11.60.
Norges Bank expects rate hikes in 2022
Norway’s Norges Bank held interest rates at 0.0% following the latest policy meeting, in line with market expectations.
A Cool Hot work solution
Unique cold work surface preparation, particularly in explosive areas, with the convenience of limited resource involvement onboard ships, was the focus of attention for 95 global members of the maritime industry who attended a webinar of the IMarEST UAE Branch.
Ship Managers are expected to carry out essential maintenance safely and keep their vessels in a seaworthy condition. As part of this maintenance, sometimes Hot Work needs to be carried out which is a high-risk activity involving sources of ignition which may cause a flammable gas mixture to explode. Hot Work traditionally includes heating or spark generating tools which are not certified for use in hazardous areas. Detailed approved procedures must be developed for Hot Work and incorporated into the Safety Management System of ships. When these procedures were not followed, there have been cases which have resulted in human injury and damage to property which have had financial repercussions crippl