December 14, 2023Thomson Reuters

Norway hikes rates by 25 basis points to 4.50% in surprise decision

Norway's central bank raised its benchmark interest rate by 25 basis points to 4.50% in a surprise decision on Thursday as it sought to combat persistent inflation

Source: Pexels

The Norwegian crown strengthened to 11.57 against the euro at 09:10 GMT, from 11.67 just before the announcement

Source: Pexels

Having peaked at 7.0% in June, Norway's annual core inflation, which excludes energy costs, stood at 5.8% in November, below the central bank's forecast of 6.1% but still far above the 2.0% target

Source: Pexels

Norges Bank's next policy decision is due on January 25

Source: Pexels