Norges Bank cuts rates, pledges liquidity support to combat effects of Coronavirus

Norges Bank has cut its key rate by 0.5% to 1% simultaneously warning of an economic shock in the near term as businesses react to the impact of Coronavirus. "Many firms are feeling the negative effects. Layoff notices have already been issued, and unemployment is expected to rise. Economic prospects have also weakened on the back of the sharp fall in oil prices," the bank said in a statement. Its Monetary Policy and Financial Stability Committee further added that it continues to monitor the situation and could yet cut rates further. Norway's economy is particularly affected by th...