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Central Bank Outlook: Norway Policy Held
- The Norges Bank held its policy rate unchanged at 1.5%, but has advanced the timetable for rate hikes (from Q2 2013 to Q4 2012) as its policy statement has taken a more hawkish stance.
- Domestic growth has been stronger-than-expected, but so have external headwinds. The Norges Bank decision to hold reflects current downside risks to the situation in the Eurozone, but also signals a desire to fly under the radar as Norwegian interest rates are among the highest in industrial countries.