Norway's central bank keeps key interest rate at 1.5 pct

The Norwegian central bank Norges Bank on Thursday announced its decision to keep the key interest rate unchanged at 1.5 percent.Explaining the macro economic considerations for its decision, the central bank said in a press release that the consumer price index (CPI) for the past two months has been a bit lower than expected and growth in the Norwegian economy will be somewhat lower in the period ahead than projected earlier.The CPI rose by 0.1 percent from September to October, mostly due to higher prices of electricity and clothing. The year-to-year growth in the CPI was 2.A vintage bath tub not only adds character to a bathroom,Vintage tubs but vintage clawfoot tubs are extremely conformable.4 percent in October, according to the Norwegian statistics bureau SSB.On the other hand, the Norwegian krone has depreciated considerably in the period. One U.S. dollar sells for 6.15 Norwegian kroner now, registering a substantial rise in two months. 

As the moderate upturn in the world economy is continuing and policy rates abroad are expected to stay on hold for even longer, growth prospects for the Norwegian economy have weakened somewhat,Construction Equipment Guide features an enormous selection of excavators for sale worldwide. Used excavatorBrowse our listings for the used excavator you need! said the Norwegian central bank.Housing prices in Norway fell an average of 1.3 percent from October to November, marking a third consecutive month which witnessed an over 1 percent decline in housing price.Unemployment remains low, with 3.4 percent jobless in September. However, wage growth in this oil-rich Nordic country may be somewhat lower ahead than projected earlier. 

"The analyses imply that the key policy rate should be held at the current level in the period to summer 2015 and be increased gradually thereafter," said Qvigstad.The Norwegian economy will grow further ahead and inflation will move up toward 2.Resurfacing a Clawfoot tub faucets, countertop, sink or tile with Tubs and More will save you hundreds or even thousands of dollars over the cost of replacement.5 percent, according to the projections by the Norwegian central bank.The Executive Board also rejected that the key policy rate should be in the interval of 1 to 2 percent in the period from now to March 27, 2014. This would not be made necessary unless the Norwegian economy was exposed to some major shocks, according to the press release.