The Central Bank of Norway raised its key interest rate on Thursday for the first time in seven years. The rate is increased by 0.25 percentage points to 0.75%. The Bank of Norway for a long period had been applying stimulating measures during the period of the largest oil crisis in the last decades. Now, it is time to normalize monetary policy. Owing to the increase in oil prices, the Norwegian economy shows stable growth, the basic inflation in the country has approached the target level of 2%. According to the Central Bank Governor Eystein Olsen, the regulator plans to further raise the key interest rate in the first quarter of next year.
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