OSLO (Reuters) – The Norwegian central bank defended on Wednesday its decision in May to cut the key policy interest rate to zero percent from 0.25% previously.
“We do not regret the last cut in policy rate,” Deputy Governor Ida Wolden Bache told a conference when asked about the move to zero.
“The economy is in a deep downturn and that warrants an expansionary monetary policy,” she said.
(Reporting by Terje Solsvik, editing by Gwladys Fouche)
