Norway's central bank has maintained its policy interest rate at 4.50%, the highest level in 16 years, despite a global trend towards rate cuts by other central banks. Norges Bank cited the need for a restrictive monetary policy to address inflation, indicating that no significant changes in the economic outlook have occurred since September. Governor Ida Wolden Bache stated that the rate is likely to remain unchanged until at least the end of 2024, with potential reductions anticipated in early 2025. The Norwegian crown weakened slightly against the euro following the announcement, reflecting market reactions. This decision stands in contrast to Sweden's recent rate cut and the anticipated reductions by the Federal Reserve and Bank of England. Overall, Norges Bank's firm stance highlights its commitment to controlling inflation amidst rising costs and currency fluctuations.