Norges Bank Interest Rate Decision

Local Time:
Mar 22 2024 |
5:00 am - 5:30 am

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Norges Bank Interest Rate Decision is one of the key events influencing the Norwegian krone quotes. It is the main instrument used by the Norwegian Bank to control inflation stability and the development of the Norwegian economy. In Norway, the interest rate (Policy Rate) is a rate on overnight deposits in Norges Bank.

The interest rate primarily affects interbank rates and bank rates on client deposits and loans. Also, Norges Bank’s interest rate can affect expectations for inflation and economic development.

The interest rate decision is taken by the Monetary Policy Committee of Norges Bank. The regulator may cut interest rate to help inflation rise to a target level. Conversely, if inflation exceeds the target level, Norges Bank would try to make the Norway Krone more expensive, for which (in addition to a complex of other measures) the interest rate is raised.

Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation. A hike decision is normally seen as a factor that leads to the growth of Norwegian krone quotes.

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