Norway’s Olsen Says Has No Krone Target in Interest Rate Policy

Norwegian central bank Governor Oeystein Olsen said he has no specific target for the krone even as he acknowledged policy makers were aware they would trigger a slump by yesterday lowering their interest rate outlook.

“We were aware of the fact that our decision would have an impact in that direction based on the fact that our interest rate path was below the corresponding money market path,” Olsen said today at the Oslo-based Foreign Press Association. While the krone is an important factor “we have no target for the exchange rate,” he said.