December 18, 2018 / 10:26 AM / a month ago

UPDATE 1-Norway's cbank sticks to March rate hike plan amid market unrest

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OSLO, Dec 18 (Reuters) - Norway’s central bank governor said on Tuesday he was sticking to plans for a March rate hike despite global market turbulence.

“We don’t see this (stock market) as anything dramatic, much of it can be seen as a correction from very high levels,” Oeystein Olsen told Reuters on the sidelines of a business conference.

The Norwegian crown currency fell by 0.9 percent against the euro in early trade amid global stock market weakness and a fall in the price of crude oil, Norway’s top export.

“In the short term the crown has deviated from our expectations, but it’s far too early to conclude that this will have an impact on rates,” Olsen told Reuters.

Earlier he told the conference the next rate increase was still expected in March “if developments are as expected”. He also reiterated plans for more gradual hikes in the coming years.

At 1016 GMT the crown traded at 9.88 per euro after hitting 9.90 earlier, the weakest level since December 2017. (Reporting by Camilla Knudsen, editing by Terje Solsvik and Andrew Heavens)

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