May 7, 2020 / 8:12 AM / a month ago

Norway central bank cuts rates to zero to curb coronavirus impact

OSLO, May 7 (Reuters) - Norway’s central bank has cut its key policy interest rate to a record-low 0.0% from 0.25%, it said on Thursday in a surprise move, seeking to cushion an economy reeling from the COVID-19 pandemic.

Most economists polled by Reuters had predicted rates would stay on hold.

It was Norges Bank’s third rate cut in less than two months, slashing the cost of borrowing from 1.5%.

“We do not envisage making further policy rate cuts,” Governor Oeystein Olsen said in a statement. (Reporting by Terje Solsvik and Victoria Klesty, editing by Gwladys Fouche and Gareth Jones)

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