After an extraordinary meeting, the monetary policy committee of Norway's central bank, Norges Bank, has cut its key policy rate from 0.75 percent to 0.25 percent with effect from today (March 23), the lowest level in its 200-year history, to mitigate the impact of the coronavirus crisis and the slump in the price of crude oil.

Norges Bank governor Øystein Olsen said the cut would not be enough on its own to protect the economy and that he does not exclude further cuts should the situation demand it.

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After an extraordinary meeting, the monetary policy committee of Norway's central bank, Norges Bank, has cut its key policy rate from 0.75 percent to 0.25 percent with effect from today (March 23), the lowest level in its 200-year history, to mitigate the impact of the coronavirus crisis and the slump in the price of crude oil.

Norges Bank governor Øystein Olsen said the cut would not be enough on its own to protect the economy and that he does not exclude further cuts should the situation demand it.