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The Norges Bank hold the bank rate unchanged at 0.75% as expected. However, some experts argued that the Bank may cut rate as fall in oil prices affected the economy. The oil price fell more than what the central bank anticipated and NOK depreciated below the central bank's target September. At the last meeting, there was a clear indication that expansionary fiscal policy against rate cut.
The overall inflation rate is above central banks's target, therefore, a rate cut will further increase the inflationary pressure.
"When the effect of the collapsing oil price was not yet fathomable, it will signal a rate cut for the next meeting under the condition that the economy remains weak and therefore puts stronger pressure on inflation medium term", says Nordea bank.
