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Central bank of Norway lowers the key rate to 0.25 percent



Norges Bank lowers the rate to the record low 0.25 percent to pump money in economy



20.Mar.20 10:33 AM
By Shawn Highstraw
Photo toinnov.com

   715

Central bank of Norway lowers the key rate to 0.25 percent
Norway's central bank cuts interest rates again to help the economy through the corona crisis. Interest rates go down by 0.75 percentage points to 0.25 percent, the lowest level ever. The Norwegian central bank also announced an interest rate cut last week. Further steps are not excluded.

The Norwegian economy is receiving a double blow from the coronavirus, first from the pandemic itself and second from collapsed oil prices. Norway is one of the larger net oil exporters.

According to the central bank, the intervention is necessary to help Norwegian companies survive the crisis with lower financing costs. Households, which see their income falling, can also make good use of the boost of lower interest rates. In addition, if the virus finally blows over, the low interest rate economy may get going again sooner.

Numerous companies in the country closed their doors or introduced working time reductions to curb the spread of the virus, the central bank said. In addition, the Norwegian krone fell sharply, putting pressure on companies that import parts from abroad. The monetary authority is noticing that "many" Norwegians are losing their jobs, which is already reflected in a higher unemployment rate.



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