Norway's central bank held its policy interest rate unchanged at a 16-year high of 4.50% on Thursday, as widely expected, and said any cuts must wait until the first quarter of next year, boosting the crown currency.

Norway's central bank has kept its policy interest rate unchanged at a 16-year high of 4.5%, as widely expected, and said any cuts must wait until the first quarter of next year.

Norway's central bank will keep its key policy interest rate unchanged this week at a 16-year high of 4.50%, all 27 economists in a Reuters poll said, as investors look for signs of when Norges Bank may eventually begin to cut borrowing costs.

Norway’s central bank held its key policy rate at 4.5%, a level that is expected to remain unchanged until the end of the year as a weak krone continues to threaten efforts to bring inflation down.

Norway’s central bank kept borrowing costs unchanged and signaled no intention to cut them before next year as it contends with the inflation risks posed by a weak krone.