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Economy
In reply to the discussion: STOCK MARKET WATCH -- Wednesday, 31 October 2012 [View all]xchrom
(108,903 posts)26. Norway Central Bank Delays Plans to Tighten Monetary Policy
http://www.bloomberg.com/news/2012-10-31/norway-central-bank-delays-plans-to-tighten-monetary-policy-3-.html
Norges Bank pushed back plans to tighten monetary policy and said it probably wont start raising interest rates until March at the earliest.
The bank, which had previously signaled rates may rise as early as December, kept its benchmark interest rate at 1.5 percent for a fourth meeting as policy makers struggle to balance the risks posed by Europes debt crisis and an overheated domestic economy. Todays rate decision was forecast by all 14 economists surveyed by Bloomberg.
The key policy rate is being kept at a low level because inflation is low and global interest rates are at very low levels, Norges Bank Governor Oeystein Olsen said in a statement. Growth among Norways trading partners is weak and the uncertainty surrounding developments in the international economy is elevated.
Policy makers are keeping rates close to record lows following two cuts over the past year after the krones strength hurt exporters struggling to stay competitive. At the same time, Norways Financial Supervisory Authority has warned that Europes second-biggest oil exporter may be in the grip of a housing bubble after low borrowing costs spurred credit growth and sent private debt loads to almost double average after-tax incomes.
Norges Bank pushed back plans to tighten monetary policy and said it probably wont start raising interest rates until March at the earliest.
The bank, which had previously signaled rates may rise as early as December, kept its benchmark interest rate at 1.5 percent for a fourth meeting as policy makers struggle to balance the risks posed by Europes debt crisis and an overheated domestic economy. Todays rate decision was forecast by all 14 economists surveyed by Bloomberg.
The key policy rate is being kept at a low level because inflation is low and global interest rates are at very low levels, Norges Bank Governor Oeystein Olsen said in a statement. Growth among Norways trading partners is weak and the uncertainty surrounding developments in the international economy is elevated.
Policy makers are keeping rates close to record lows following two cuts over the past year after the krones strength hurt exporters struggling to stay competitive. At the same time, Norways Financial Supervisory Authority has warned that Europes second-biggest oil exporter may be in the grip of a housing bubble after low borrowing costs spurred credit growth and sent private debt loads to almost double average after-tax incomes.
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