Norges Bank’s executive board decided unanimously to increase interest rates after its policy meeting today (March 21), in an effort to curb rising inflation.
The central bank increased the key policy rate by 25 basis points to 1%. The decision follows its rate hike in September 2018, when Norges Bank started the tightening cycle. Norges Bank said it was tightening rates because “the upturn in the Norwegian economy appears to be stronger than anticipated earlier”.
Norwegian inflation is rising