Norges Bank reduces interest rates again

Norway's central bank cut its key interest rates by 50 basis points as expected on Wednesday and signalled more cuts were likely to dampen the effects of a global downturn on the oil-backed economy.

Norges Bank, targeting core inflation at 2.5 percent in two years' time, cut its key deposit rate to 6.0 percent from 6.5 and the overnight lending rate to 8.0 percent from 8.5. The deposit rate is still more than double that of the euro zone.

The central bank reaffirmed that inflation was likely to

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