Norges Bank raises its deposit and lending rates
Norges Bank, the Central Bank of Norway, has raised the interest rate on commercial and savings banks' sight deposits with Norges Bank, the deposit rate, and on central bank overnight loans to these banks by 1.50 percentage points. With effect from 21 August 1998, the deposit and overnight lending rates are 7.00 and 9.00 per cent respectively.
Central Bank Governor Kjell Storvik points out that Norges Bank's 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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