Norges Bank has decided to keep the interest rate unchanged at 4.5%, citing the need to maintain a restrictive monetary policy to manage inflation. While inflation has fallen from its peak and unemployment has risen slightly, there are still concerns that easing the interest rate too quickly could keep inflation above target. The Bank will reassess the situation at its September meeting and the current interest rate will be in place from 16 August.
During the announcement of the decision, we saw a slight strengthening of the NOK against the EUR. However, the initial declines are reduced shortly after the announcement.
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