Norges Bank maintains its Key Policy Rate at 4.50% as expected; "the policy rate will likely be kept at that level for some time ahead"

POLICY:

If cost inflation remains elevated, or the krone depreciates again, inflation may remain high for longer than previously projected. In that case, the Committee is prepared to raise the policy rate again.
If there is a more pronounced slowdown in the Norwegian economy or inflation declines more rapidly, the policy rate may be lowered earlier than envisaged in December.
There will likely be a need to maintain a tight monetary policy stance for some time ahead.
Monetary policy is having a tightening effect, and the economy is cooling down.

ECONOMY:

Inflation is markedly above target. Underlying inflation has declined further but is still high.
Unemployment is low, but economic growth is weak.
Both inflation and economic activity have been broadly in line with the projections in the December 2023 Monetary Policy Report.
The krone is stronger than expected.
The overall prospects for the Norwegian economy do not appear to have changed materially since the previous Report.