Norway Hikes Interest Rates

The Bank of Norway hiked on Thursday its main interest rate by 0.25 percentage points to 1.5 percent in a move running counter to most other central banks which are lowering rate

Oslo, (UrduPoint / Pakistan Point News - 19th Sep, 2019 ):The Bank of Norway hiked on Thursday its main interest rate by 0.25 percentage points to 1.5 percent in a move running counter to most other central banks which are lowering rates.

But after its fourth hike in the space of a year, the Bank of Norway nevertheless hinted that interest rates have reached their peak for the time being.

"The Executive Board's current assessment of the outlook and balance of risks suggests that the policy rate will most likely remain at this level in the coming period," said the cental bank's governor, Oystein Olsen.

Economists had been divided about whether the central bankshould hike rates further given the darkening prospects for the globaleconomy.