Norway raises rates to 4.75%

The Central Bank of Norway has increased its key policy rate by 0.25% to 4.75%, despite acknowledging recent market turmoil.

The central bank said: "Recent credit and stock market turbulence has generated uncertainty concerning future economic developments, but on balance new information since the previous monetary policy meeting does not now warrant a departure from the monetary policy strategy presented in June."

The June Monetary Policy Report noted that inflation was set to rise markedly

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