Norway central bank cuts key rate to record low 1%
Norway central bank
Oslo - Arab Today
Norway's central bank on Thursday announced it had cut its key interest rate by a quarter point to a record low one percent to counteract the impact of plunging oil prices on the economy.
"Developments in the Norwegian economy have been slightly weaker than expected and the economic outlook has deteriorated somewhat. The board has therefore decided to reduce the key policy rate now," central bank governor Oystein Olsen said in a statement.
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