Norway raises key interest rates


Thursday, 12 May 2011
The Norwegian central bank raises its key interest rate by 0.25 percent to 2.25 percent. The increase is in line with analysts' expectations.

Eight of twelve analysts forecast in a survey last week shoed that Norges Bank, Norwegian Central bank would raise interest rates, for the first time since May last year. The other four reckoned that the first increase would wait till until June.


“The upturn in the Norwegian economy has taken hold. Several other central banks have raised interest rates. The objective of stabilizing the activity and inflation is a bit ahead; suggest that the rate should be set up, "said Governor ´┐Żystein Olsen in a comment.

At the same time Olsen talked of another important change, namely to reduce the number of interest rate meetings. From next year there will be the reduction in the number of interest rate meetings from eight to six a year.

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