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22 March, 2019 00:00 00 AM
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Norway hikes interest rate, bucking global trend

AFP, Oslo

Norway's central bank raised its key interest rate yesterday and said it would continue to tighten its monetary policy due to the strength of the Scandinavian country's economy, in contrast to a slowdown in much of the rest of the world. The key rate was hiked by 0.25 points for the second time in six months, rising to 1.0 per cent.

"Our current assessment of the outlook and balance of risks suggests that the policy rate will most likely be increased further in the course of the next half-year," the bank's governor Oystein Olsen said in a statement. The bank said that the "upturn in the Norwegian economy appears to be stronger than anticipated earlier".

Analyst David Oxley of Capital Economics said that the increase had been expected after policymakers signalled they would raise rates at their last meeting in January.

"However, the more hawkish stance adopted by the bank, saying that the next hike will 'most likely' be in the second half of 2019 has caught the market on its toes," he said.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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