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Norwegian Krone Gains as Norges Bank Remains Passive

October 24, 2014 at 0:52 by Vladimir Vyun

Focus on 100-krone noteThe Norwegian krone gained today following yesterday’s decision of Norway’s central bank to keep its benchmark interest rate unchanged. Such decision was widely expected by market analysts.

Norges Bank announced yesterday that it is keeping its main interest rate at 1.5 percent. Governor Oeystein Olsen said in the statement:

New information suggests that inflation and growth in the Norwegian economy are broadly in line with the September projections.

Yet Olsen added:

At the same time, developments abroad and the fall in oil prices has increased the uncertainty regarding the outlook for the Norwegian economy.

The central bank noted that the krone has depreciated this month. Despite uncertain future, the krone managed to gain after the policy decision.

USD/NOK declined from 6.5779 to 6.5687 as of 00:52 GMT today. EUR/NOK fell from 8.3171 to 8.3135.

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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