Despite keeping its policy rate unchanged at 4.5%, Norway's central bank projects a rate decrease in March 2025. The decision reflects a gradual slowdown in inflation and a more resilient economy than initially anticipated.
Norway 's central bank on Thursday said it would leave its policy rate unchanged at 4.5%, where it has stayed since December 2023. Markets had been pricing in an around 71% chance of rates holding steady ahead of the decision, according to LSEG data. The central bank nevertheless said that, based on assessments over the outlook from its Monetary Policy and Financial Stability Committee, the policy rate would likely be lowered in March 2025.
'The Committee judges that a restrictive monetary policy is still needed to stabilise inflation around target, but that the time to begin easing monetary policy is soon approaching,' Norges Bank Governor Ida Wolden Bache said in a statement . Norway's consumer price index came in at 2.4% in November, the country's statistics office said earlier this month. Inflation has moved closer to the target range and inflationary pressures seemed to be 'more subdued' than expected, while economic activity appeared to be 'holding up better than previously projected,' the central bank noted
NORWAY CENTRAL BANK INTEREST RATES INFLATION ECONOMY
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