Norges Bank holds main interest rate at 1.75%
3 February 2010
Norway's central bank held its main interest rate at 1.75 percent as expected and repeated that rates should be gradually increased over 2010. Norges Bank affirmed it would maintain rates in the 1.25-2.25 percent range until the next rate meeting in March, as first presented in the bank's policy report in October. "The analyses in the October Monetary Policy Report indicate that the key policy rate should thereafter be raised gradually," Norges Bank said in a statement. "Should the krone appreciate considerably more than projected, the key policy rate may be increased to a lesser extent or later than envisaged in October," it added. Norges Bank said inflation was now slightly below its 2.5 percent long-term target and that economic activity was rising.