Norway's central bank announces largest rate hike in 20 years
Norges Bank's monetary policy committee raised the sight deposit rate to 1.25% from 0.75%, exceeding its own forecast made in March of a hike to 1.0%.
- Jun 23, 2022,
- Updated Jun 23, 2022 2:02 PM IST
Norway's central bank raised its benchmark interest rate by 50 basis points on Thursday, the largest single hike since 2002 and twice as much as expected by most economists, as the country seeks to keep a lid on inflation.
Norges Bank's monetary policy committee raised the sight deposit rate to 1.25% from 0.75%, exceeding its own forecast made in March of a hike to 1.0%.
Also read: High May inflation 'keeping us up at night', says Bank of Canada
Also read: Wall St ends lower after Powell's comments on inflation; energy shares fall
Norway's central bank raised its benchmark interest rate by 50 basis points on Thursday, the largest single hike since 2002 and twice as much as expected by most economists, as the country seeks to keep a lid on inflation.
Norges Bank's monetary policy committee raised the sight deposit rate to 1.25% from 0.75%, exceeding its own forecast made in March of a hike to 1.0%.
Also read: High May inflation 'keeping us up at night', says Bank of Canada
Also read: Wall St ends lower after Powell's comments on inflation; energy shares fall