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Norway central bank chief satisfied with crown reaction to rates
December 16, 2016 / 5:15 PM / a year ago

Norway central bank chief satisfied with crown reaction to rates

OSLO, Dec 16 (Reuters) - Norway’s central bank did not aim to influence currency markets in a particular way when it announced its latest interest rate decision, and is generally pleased with the outcome, Governor Oeystein Olsen said on Friday.

Norges Bank on Thursday kept its key policy rate unchanged at a record low 0.5 percent and said it would probably stay around this level for the next few years, but added it saw a slightly higher probability of a cut than of an increase.

The crown currency initially strengthened by about a half percent against the euro following the news, but later reversed course to trade slightly weaker than it had done ahead of the announcement.

“We did not aim to do something that would impact the currency market, and there were no large gyrations, so in that sense we’re satisfied so far,” Olsen told Reuters on the sidelines of a business conference.

“We don’t have a firm opinion of what the right level is.” (Reporting by Stine Jacobsen, editing by Terje Solsvik)

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