Business News
Norwegian central bank lowers lead rate to 2.00 per cent
Mar 25, 2009, 13:56 GMT
Oslo - The Norwegian central bank on Wednesday lowered its lead rate a further 0.50 percentage points to 2.00 per cent, as part of attempts to reduce the impact of the weakened global economy on Norway.
The new cut takes effect Thursday, the central bank said.
Norges Bank deputy governor Jan F Qvigstad said in a statement that 'the outlook for the global economy has deteriorated.'
The Norwegian export industry is being 'severely affected' by the downturn, the central bank said in an assessment, noting that unemployment, although low, was rising rapidly.
The central bank in February cut the lead rate by 0.50 percentage points.
Norway is not a member of the European Union.
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