Norway's central bank kept its key policy rate on hold at 0.5% on Thursday after the bank's executive board decided there was a continued need for expansionary monetary policy.
Norges Bank said that given the outlook for below trend growth and expectations that inflation will remain below 2.5% in the coming years, the balance of risks suggested the key rate would remain at 0.5% for the foreseeable future.
Norway's oil-rich economy has struggled to regain the momentum it lost after the sharp fall seen in oil prices a few years ago.
The country spent a brief time in recession last year after gross domestic product contracted for two-consecutive quarters.
Growth has picked up in recent months, "broadly in line" with Norges Bank's own assessments, and labour markets continued to improve, but inflation has been lower than projected and the krone exchange rate weaker than expected, the Bank said.
The Bank's governor Oystein Olsen said in a statement: "The outlook and the balance of risks for the Norwegian economy do not appear to have changed substantially since the September Report. The Executive Board therefore decided to keep the key policy rate unchanged at this meeting."
On currency exchanges the Norwegian krone fell in response to the outlook and expectations of a lengthy period of low interest rates.
The krone fell 0.3% to NKr8.0405 versus the dollar and lost 0.3% versus the euro to NKr9.4963.
The Oslo Stock Exchange Benchmark Index fell 0.5% to 794.53.