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Norway Central Bank Makes No Changes to Policy, Krone Climbs

June 23, 2016 at 12:38 by Vladimir Vyun

Focus on 100-krone noteThe Norwegian krone climbed versus the US dollar after Norway’s central bank refrained from cutting interest rates during today’s policy meeting.

The Norges Bank decided to keep its main interest rate at 0.5%. The bank followed other central banks in voicing concern about the referendum in Great Britain and uncertainty surrounding its outcome. While the central bank preferred to make no move ahead of the important event, Governor Oeystein Olsen hinted about the possibility of an interest rate cut in the future, saying:

There are still prospects that the key policy rate may be reduced in the course of the year.

USD/NOK dipped 1.61% from 8.2880 to 8.1538 as of 12:33 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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