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Norway slashes interest rate amid negative signs
(MENAFN) Norway became the newest central bank to cut rates, dividing 25 basis points off its benchmark rate to touch 0.5 percent, as the latest data showed.
Basically, the current outlook for the Norwegian economy strongly suggests that the key policy rate may be reduced further in the course of the year.
The cut follows EU Central Bank Chief's move to push the deposit rate to minus 0.4pct, and shows how central banks are struggling to stoke stagnant economies.
Many economists, such as former PIMCO CEO Mohamed El-Erian, see low and negative rates as a signal that central banks are running out of effective tools.
Basically, the current outlook for the Norwegian economy strongly suggests that the key policy rate may be reduced further in the course of the year.
The cut follows EU Central Bank Chief's move to push the deposit rate to minus 0.4pct, and shows how central banks are struggling to stoke stagnant economies.
Many economists, such as former PIMCO CEO Mohamed El-Erian, see low and negative rates as a signal that central banks are running out of effective tools.
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