BREAKING: Norges Bank keeps rates unchanged at 4.5%

 Norges Bank decided to keep interest rates unchanged at 4.5%, in line with analysts' expectations. 

NOK strengthened against the dollar briefly after Norges Bank decision

Key comments: 

• Based on the Committee's current assessment of the outlook, the interest rate is likely to be maintained at its current level for some time to come
• The Committee assesses that the interest rate is high enough to bring inflation back to target within a reasonable time horizon
• Growth in the Norwegian economy is low. Price inflation is slowing, but is still well above target.
• Since the March report, inflation has been slightly lower than forecast. On the other hand, economic activity is slightly higher than expected, and wage growth may turn out to be slightly higher than forecast. New official projections in June.
• The data so far may suggest that a restrictive stance in monetary policy may be needed a little longer than previously anticipated.