Norges Bank’s Gjedrem on rate decisions
Svein Gjedrem, the governor of the Norges Bank, explained the central bank's decision to hold interest rates steady.
In a speech, made last Friday, Gjedrem noted that underlying inflation in Norway had been close to the 2.5% target in recent months as lower wage growth, reduced capacity utilisation and low global inflation counterbalanced the effects of higher energy prices and the krone depreciation in autumn 2008. However, the bank forecasts CPI to fall to somewhat below 2% in 2010 following
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