Norway holds rate, confirms rate hold on for some time
Norway s central bank kept its monetary policy rate steady and confirmed its view from December that the sharp economic downturn and considerable uncertainty surrounding the outlook suggest keeping the policy rate on hold until there are clear signs that economic conditions are normalizing.
Norges Bank (NB), which slashed its policy rate three times last year by a total of 150 basis points during March and May, left its policy rate at 0.0 percent.
Prior to the outbreak of COVID-19 early 2020, NB had been in a monetary tightening cycle, raising its rate three times and by a total of 100 basis points from September 2018 to September 2019.