Norges Bank slashes rates to record low of 0.25%
Central bank says workers are being laid off, as Norway faces double shock from virus and oil
Norges Bank reduced rates to a new record low of 0.25% after an extraordinary meeting of the monetary and financial stability committees on March 19.
The committee lowered the policy rate by 75 basis points, and “does not rule out a further rate cut”. The decision comes barely a week after the extraordinary meeting the institution held on March 13. Back then, it cut rates by 50bp to 1%, and started offering three-month loans to banks to secure their access to liquidity.
“Since Norges Bank cut
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