Norway’s central bank raises key interest rate to 0.25%

Øystein OlsenPhoto: Stian Lysberg Solum / NTB

For the first time in almost a year and a half, Norges Bank is raising the key interest rate – by 0.25%. There will probably be a number of interest rate hikes in the future.

Norges Bank announced the information at 10 AM on Thursday. The key interest rate had been at 0% since May 7 last year.

“The normalization of the economy indicates that it is now appropriate to start a gradual normalization of the key policy rate,” Governor Øystein Olsen stated.

Macroeconomists believed that the key interest rate should be raised at the September meeting, which the central bank also signaled. 

The economy is recovering

The reopening of society has given a marked boost to the Norwegian economy, and activity is now higher than before the corona pandemic. Unemployment has fallen, and Norges Bank believes that the upswing in the economy will continue throughout the autumn.

The interest rate decision is probably the starting point of a longer period of interest rate hikes.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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