Business News
Norwegian central bank keeps lead rate at 1.25 per cent
Aug 12, 2009, 12:34 GMT
Oslo - The Norwegian central bank on Wednesday kept its lead rate at 1.25 per cent, saying underlying inflation was close to its target while unemployment was lower than projected.
'On the whole, developments do not at present warrant a change in the interest rate,' Norges Bank Governor Svein Gjedrem said in a statement.
The central bank said that while the Scandinavian country was also affected by the global recession 'the impact on Norway has been less severe than in many other countries.'
The bank's latest cut of 0.25 prcentage points was June 17.
Norway's key rate is a quarter-point higher than the historic low 1 per cent European Central Bank rate for the 16-member eurozone group within the European Union.
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