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(Bloomberg) — Norway’s central bank kept borrowing costs on hold and reiterated that officials will take a while to assess the economy before delivering any further cuts.
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Norges Bank held the key deposit rate at 4% on Thursday, as predicted by all analysts in a Bloomberg survey. Officials repeated their intention to lower it further “in the course of the coming year.” At their decision in September, officials penciled in just one move annually over the next three years.
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“The job of tackling inflation has not been fully completed,” Governor Ida Wolden Bache said in a statement. “We are not in a hurry to reduce the policy rate.”
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Norwegian policymakers are taking a wait-and-see approach after only two quarter-point interest-rate cuts since June. Their easing campaign has been the most cautious of the cycle so far among the so-called Group of 10 jurisdictions of the world’s most-traded currencies.
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Norges Bank’s holding pattern still chimes with the tone of the wider region at present. Last week, the European Central Bank kept its own rate unchanged, and the Riksbank in neighboring Sweden did so on Wednesday. The Bank of England is likely to leave borrowing costs steady later on Thursday.
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In Norway, western Europe’s largest energy exporter, the economy has picked up pace in past quarters after a sluggish two years. Underlying price pressures remain too strong for comfort.
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Core price growth declined in September to its lowest level in four months, slightly below the central bank’s projection, while adjusted unemployment rate rose to the highest level in more than three years, even as it remains low by European standards, at 2.2%.
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—With assistance from Stephen Treloar and Kari Lundgren.
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