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.