OSLO (Reuters) - Norway's central bank kept its key policy interest rate on hold at a record low zero percent on Thursday, as expected, and said the economy was broadly developing in line with expectations.
Norges Bank cut rates three times from March to May as it sought to cushion the economy from the effects of the COVID-19 pandemic, but said in June that its prospects were improving faster than expected.
"New information largely confirms the picture of the economic developments presented in the June report," Norges Bank said in a statement.
"The committee's assessment of the outlook and balance of risks suggests that the policy rate will most likely remain at today's level for some time ahead," Governor Oeystein Olsen said, reiterating earlier statements.
The Norwegian crown currency traded broadly unchanged at 10.56 against the euro following the 0800 GMT announcement.
(Reporting by Terje Solsvik, editing by Gwladys Fouche)