Norges Bank cuts on signs of swift slowdown

Norges Bank on Wednesday lopped half a point off its key rate on signs real economic activity would slow at a faster rate and to a greater degree than predicted.

The central bank said it had decided to lower its key policy rate to 5.25% on signs that the slowdown in the Norwegian economy "appears to be occurring faster and to be more pronounced than previously projected."

"The crisis in financial markets has deepened and will therefore have greater effects on the economy than previously assume

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