"The Norwegian economy is still faring well, but inflation is low. External growth is sluggish and interest rates abroad are very low. Against this background, the key policy rate is kept unchanged at 1.5 per cent," says Deputy Governor Jan F. Qvigstad.

Developments in both Norway and among trading partners have been broadly in line with expectations. Inflation in Norway has been slightly lower than projected and the krone has recently appreciated somewhat. The expected upward shift in interest rates abroad has been deferred further ahead. At the same time, premiums in money and bond markets have declined.

"In June, the key policy rate was projected to remain at today's level in the period to the turn of the year. New information does not warrant a change to this assessment." says Deputy Governor Jan F. Qvigstad.

For further information, see "The Executive Board's monetary policy decision – background and general assessment" and "The Executive Board's assessment" in the June 2012 Monetary Policy Report.

• Charts and background material