Restructuring Norwegian economy will take time, Norges Bank says
The Norwegian economy is suffering amid further falls in oil prices
The Norwegian economy is undergoing an uncomfortable adjustment away from the oil sector, but central bank policy is doing its best to support the transition, according to a monetary policy report published by Norges Bank today (December 17).
The report was released alongside the central bank's decision to hold its policy rate at 0.75%, although the executive board suggested the rate may be lowered in the first half of 2016. "Monetary policy is expansionary and is supporting the restructuring of
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