Norway raises interest rates as global peers eye cuts | 2019-06-21

Norway raises interest rates as global peers eye cuts

21 June, 2019 12:00 AM printer

OSLO: The Bank of Norway raised its key interest rate on Thursday, bucking a worldwide trend by central banks looking at cutting rates due to a cooling global economy.

Saying that the "upturn in the Norwegian economy appears to be a little stronger" than expected, the bank hiked the rate by 0.25 percentage points to 1.25 percent, reports AFP.

The biggest oil and gas producer in western Europe, Norway's third rate hike since last September had been widely expected due to the strength its economy, which has been propelled by a rebound in oil investments and the weakness of the kroner.


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