September 25, 2018 / 9:12 AM / 3 months ago

Norway's central bank chief vows cautious approach to rate hikes

OSLO, Sept 25 (Reuters) - The Norwegian central bank will take a cautious approach to rate hikes in coming years to assess the impact on households from tighter monetary policy, Norges Bank Governor Oeystein Olsen said in a speech on Tuesday.

“After a long period of low interest rates, the key policy rate is again on the rise. The rate increase can be expected to be gradual and is a response to the solid activity we now see in the Norwegian economy,” Olsen said.

“With the high level of household debt, the rate increase will likely have a greater impact on private consumption than earlier. However, the strength of this impact is uncertain. This suggests a cautious approach to interest rate setting,” he added. (Reporting by Camilla Knudsen, writing by Terje Solsvik, editing by Gwladys Fouche)

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