The Norwegian central bank cuts interest rates in order to mitigate the negative economic impact of the new corona virus. The main interest rate will drop by 0.5 percentage point to 1 percent, Norges Bank announced on Friday.

The central bank indicated that it was ready to take more interest rate steps. The bank will also provide more financial resources to the banking sector. The decision to cut interest rates was taken unanimously by policy makers. Interest was raised several times in Norway last year.

Norges Bank’s interest rate cut follows the example of other central banks around the world, including the Bank of England and the US Federal Reserve. The European Central Bank (ECB) came on Thursday with a package of measures against the harmful effects of the corona virus on the economy, but left interest rates unaffected.

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