May 19, 2020 / 8:30 AM / 15 days ago

Norway well placed to handle economic fallout from pandemic chief

OSLO, May 19 (Reuters) - The Norwegian economy is well positioned to weather the sharp downturn caused by the novel coronavirus outbreak, central bank Governor Oeystein Olsen told a hearing in parliament on Tuesday.

Norges Bank has cut its key policy interest rate three times in the last two months to a record-low zero percent to alleviate the impact, while the government plans record fiscal spending.

“We believe that all this, in combination with the actions taken by the health authorities and other bodies to continue to deal with the virus itself in a sensible and confidence-inspiring manner, will support a faster rebound in activity,” Olsen said. (Reporting by Terje Solsvik, editing by Gwladys Fouche)

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