Norges Bank reduces interest rates to 1 percent - ready for more

Ahead of a planned meeting about rates, Norway's central bank has attempted to stimulate the economy.

Oystein Olsen, head of Norges Bank | Photo:

The Norwegian central bank, Norges Bank, has executed an emergency rate reduction of 50 basis points to 1 percent, as politicians attempt to stimulate the economy.

The bank revealed this on Friday morning, a week before a scheduled meeting to discuss rates, saying that it is monitoring the situation closely and is ready to reduce the key interest rate further.

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