Norway Cuts Rates to Record Low to Save Economy From Oil Slump

http://www.bloomberg.com/news/articles/2015-09-24/norway-cuts-rates-to-record-low-to-save-economy-from-oil-slump

Norway’s central bank unexpectedly lowered interest rates to an all-time low and said it may ease policy further as it seeks to rescue an expansion in western Europe’s biggest petroleum producer from a plunge in oil prices.
The overnight deposit rate was cut by 25 basis points to 0.75 percent, the Oslo-based central bank said Thursday. The move was forecast by seven of the 17 economists surveyed by Bloomberg, with the rest expecting no change. The bank said its rate may fall to 0.59 percent in the third quarter of next year and remain below 1 percent to the end of 2018. The krone plunged 2.8 percent against the euro on the news, its biggest drop since December last year.