Norway’s central bank cuts policy rate to zero
Norges Bank’s move brings rate to record low, as central bank warns of “substantial” shock
Norway’s central bank cut its policy rate to zero on May 6, a record low, as the central bank seeks to offset the economic impact of Covid-19.
“Activity in the Norwegian economy has fallen abruptly as a result of the coronavirus pandemic,” Norges Bank’s monetary policy committee said in a statement, having voted unanimously for a cut. “The downturn is amplified by the severe impact of the pandemic on surrounding countries and by a sharp fall in oil prices.”
The committee’s statement said the
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