Norway's Rate Kept at 16-Year High With No Rush to Cut Soon.

Norway's central bank has decided to keep borrowing costs at a 16-year high, indicating that there will be no rush to cut rates in the near future. The bank held the key deposit rate at 4.5%, the highest since December 2008, and stated that settings are unlikely to change for "some time ahead." The central bank's rate path suggests a potential cut in September, but Governor Ida Wolden Bache emphasized the uncertainty surrounding the economic outlook and inflation. Norway has struggled to control consumer prices, and its inflation is expected to remain the highest among the world's 10 most-traded currency jurisdictions this year. While other major central banks are considering rate cuts, Norway may become the last to start easing. [Extracted from the article]