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Norges Bank Plans No Interest Rate Cuts, Krone Jumps

September 18, 2014 at 17:48 by Vladimir Vyun

A fan of 50-krone notesThe Norwegian krone jumped after Norway’s central bank refrained from an interest rate cut at today’s policy meeting. What is more, bank’s chief Oeystein Olsen hinted at a possibility of an interest rate hike after 2015.

The Norges Bank kept its key interest rate at 1.5 percent today. The statement dropped the mention of a possibility of a rate cut. In fact, Governor Olsen mentioned a likelihood of higher interest rates later in the future:

The analyses in the Monetary Policy Report presented today imply that the key policy rate will remain at the present level to the end of 2015, rising gradually thereafter.

USD/NOK dropped from 6.4463 to 6.3280 as of 17:47 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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