Growth fears push Norway to cut interest rates

Norway's central bank surprised economists and cut interest rates on Wednesday as growth concerns outweighed stubborn wage inflation. Business leaders had called for a cut to kickstart the economy. The Bank's accompanying press release appeared to suggest further cuts would be made.

The Norges bank announced it would lower its key sight deposit rate to 6.5 per cent from 7 per cent and its overnight lending rate to 8.5 per cent from 9 per cent.

The move followed a half-point easing to 2.75 per cent

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