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Norwegian Krone Rises After Central Bank’s Statement

October 24, 2013 at 12:21 by Vladimir Vyun

Denominations of Norwegian krone banknotesThe Norwegian krone advanced today after the central bank left its main policy rate unchanged and said that the currency has depreciated. Such wording suggests that policy makers will not take actions to weaken the krone.

The Norges Bank maintained its key interest rate at 1.5 percent at today’s meeting. Governor Oeystein Olsen said in the accompanying statement:

Inflation in September was lower than expected, but at the same time the krone has depreciated since the previous monetary policy meeting. In other respects, economic developments both in Norway and abroad have been broadly in line with expectations. The key policy rate has therefore been kept unchanged

USD/NOK fell from 5.9192 to 5.8846 as of 12:21 GMT today.

If you have any questions, comments, or opinions regarding the Norwegian Krone, feel free to post them using the commentary form below.

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