Norway Central Bank Holds Key Rate As Expected

India, Aug. 14 -- Norway's central bank maintained its interest rate as widely expected on Thursday but signaled further reduction this year.

The Monetary Policy and Financial Stability Committee of Norges Bank decided to hold the policy rate at 4.25 percent. The bank had reduced the rate by 25 basis points in June, which was the first cut in five years.

Governor Ida Wolden Bache said the job of tackling inflation has not been fully completed and a restrictive monetary policy is still needed.

"At the same time, we do not want to restrain the economy more than needed," the governor said.

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"In June, we began a prudent easing of monetary policy, and it wil...