Norway's central bank retained its policy rate at 1.5 percent, as expected, saying inflation and economic growth are largely as expected but the decline in oil prices and uncertainty surrounding the euro area had increased the uncertainty surrounding the outlook.
Norges Bank, which last cut its rate in March 2012, added that the Norwegian krone currency had also depreciated since its last meeting in September, reflecting the drop in oil prices.
In September the central bank said it expected the policy rate to remain at the current level until the end of 2015 before it starts to gradually increase. Today it omitted that guidance.
Norway's headline inflation rate was unchanged in September at 2.1 percent while its Gross Domestic Product rose by 0.9 percent in the second quarter from the first for a contraction of 0.3 percent in comparison with the second quarter of 2013.
Norges Bank issued the following statement: