Norges Bank ‘takes note’ of report criticising its communication
Norges Bank governor Øystein Olsen wrong-footed markets with his annual address last year, according to an independent report published today, as he gave "unintended signals" that did not tally with the executive board's monetary policy decision one month later.
The executive board cut the benchmark interest rate by 25 basis points to 1.5% on March 14, which the Norges Bank Watch (NBW) 2013 Report, produced by the BI Norwegian School of Management, said "came as a surprise to both markets and
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