Norway's central bank raised its key policy rate by 50 basis points to 3.75% on Thursday in a bid to curb inflation.
Norway's central bank raised its key policy rate by 50 basis points to 3.75% on Thursday in a bid to curb inflation, more than expected by a majority of economists surveyed by Reuters."If we do not raise the policy rate, prices and wages could continue to rise rapidly and inflation become entrenched," Norges Bank Governor Ida Wolden Bache said in a statement.
The Norwegian currency, the crown, strengthened to 11.55 against the euro at 0807 GMT from 11.69 just before the announcement. "Today's hawkish decision shows that Norges Bank means business and is concerned about inflation becoming entrenched," analysts at Nordea said in a note to clients. The hike raises the policy rate to its highest level since the outbreak of the global financial crisis of 2008.
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