Business News
Norwegian central bank keeps key lending rate at 2.25 per cent
Aug 10, 2011, 12:36 GMT
Oslo - Norway's central bank Wednesday kept its benchmark interest rate unchanged at 2.25 per cent, citing turbulent financial markets and weaker growth among its trading partners.
In May, the central bank raised the interest rate by 25 points, and in June the bank signalled a gradual increase of rates during the second half of the year.
'The decision (to keep rates unchanged) must especially be seen against the background of the recent flare-up in financial market turbulence and clear signs of weaker growth internationally,' governor Oystein Olsen said in a statement.
In its assessment, the bank said the Norwegian economy was 'still growing at a robust pace' and its projections for the domestic economy had been in line with previous estimates.
Inflation was low, it said.
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