Hit by pandemic and oil slide, Norway cuts key interest rate

Norway's central bank has cut its key policy rate by a quarter percentage point to 0 per cent as the economy is slammed by the combination of the coronavirus pandemic and a recent plunge in the price of oil.

"The uncertainty surrounding developments ahead is unusually high," Norges Bank added Thursday.

"Economic activity is expected to pick up as containment measures are eased, but it will likely take time for output and employment to return to the levels prevailing before the pandemic."