Norway keeps rates on hold, may extend tight policy

Norway's central bank kept its key policy interest rate on hold at 4.50% on Friday, as unanimously expected by analysts, and said a tight monetary policy stance may be needed for somewhat longer than planned in order to curb inflation.

"The data so far could suggest that a tight monetary policy stance may be needed for somewhat longer than previously envisaged," Norges Bank said in a statement. The Norwegian crown strengthened to 11.75 against the euro at 0807 GMT, from 11.77 just before the announcement.