Policy rate raised to 4.50%

Norges Bank’s Monetary Policy and Financial Stability Committee decided on 23 September to raise the policy rate from 4.25% to 4.50%. This action was taken because inflation has been above target for several years, and the Committee is prepared to raise the policy rate further if needed to bring inflation down to the 2% target within a reasonable time horizon.

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Press release

At its meeting on 23 September, Norges Bank’s Monetary Policy and Financial Stability Committee judged that a somewhat tighter monetary policy stance is needed to return inflation to target within a reasonable time horizon. The Committee decided to raise the policy rate from 4.25% to 4.50%.

“Inflation has been above target for several years. By raising the policy rate, we are helping to reduce inflation. It will likely be necessary to keep the policy rate elevated for a time, and the Committee is prepared to raise the policy rate further if needed to bring inflation down to the 2% target within a reasonable time horizon”, says Governor Ida Wolden Bache.

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Source: Norges Bank — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works