Norges Bank reduces interest rates

Norway's central bank (Norges Bank) made a shock cut in interest rates of 0.25 percent points to a record low of 2.25 percent on Wednesday to help revive the sluggish oil-backed economy. It was the eighth cut this year from a high of 7.0 percent.

Source: Norges Bank

Norges Bank's Executive Board decided today to reduce the interest rate on banks' deposits with Norges Bank, the sight deposit rate, by 0.25 percentage point to 2.25 per cent with effect from 18 December 2003. The interest rate on b