Norway’s central bank cuts policy rate to zero

Norges Bank HQ, Oslo
Norges Bank
Photo: Espen Schive

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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