Norges Bank raises interest rates vis-à-vis banks
Norges Bank, the central bank of Norway, has raised the interest rate on banks' sight deposits in Norges Bank, the deposit rate, and on central bank overnight lending to banks by 0.25 percentage point. With effect from 19 March 1998, the deposit and overnight lending rates are 3.75 per cent and 5.75 per cent respectively.
Central bank Governor Kjell Storvik points out that Norges Bank's ongoing conduct of monetary policy must be oriented towards maintaining the stability of the value of the Norwegian krone against European currencies, and that the decision to raise rates was made in response to recent developments in money and foreign exchange markets.
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