Norway's central bank held its policy interest rate unchanged at a 17-year high of 4.50% on Thursday, as unanimously expected by analysts in a Reuters poll, and maintained plans to start cutting borrowing costs in March.

Norges Bank is set to restate plans for its first post-pandemic cut in borrowing costs in March, though the outlook for further steps beyond that is clouded.

Norway’s central bank held its key policy rate at 4.5% and reaffirmed that it will likely begin monetary policy easing in March, but noted concern over potential trade tariffs from the U.S.

Norges Bank, the central bank of Norway, is expected to maintain its deposit interest rate at 4.5%, the highest level since 2008, in its upcoming meeting in March. The bank is also set to restate its plans for its first reduction in borrowing costs since the pandemic.