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Norwegian central bank keeps key rate unchanged at 5.75 per cent

Mohit Joshi 25 September 2008

Norway Oslo- Norway's central bank kept its key lending rate unchanged at 5.75 per cent Wednesday, citing the "unusually high degree of uncertainty" in wake of the recent global financial turbulence.

Norges Bank deputy governor Jan F Qvigstad noted that "there are wide daily swings in money market rates, equity prices, the krone exchange rate and oil and commodity prices."

"It is difficult to determine how long this pressure will last and the effects on inflation and activity in the Norwegian economy. It is therefore appropriate to keep the interest rate unchanged now," he added in a statement.

The bank's latest increase was in June when it announced a hike of 0.25 percentage points to 5.75 per cent. (dpa)

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