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OSLO –Norway‘s central bank raised its benchmark interest rate by 50 basis points on Thursday, as expected by most economists, and said it plans to hike again in November.
Norges Bank’s monetary policy committee raised the sight deposit rate to 2.25 percent from 1.75 percent, having signaled in August a September hike was likely, but without indicating by how much.
The hike comes as central banks across the world battle to contain soaring inflation.
“The policy rate will most likely be raised further in November,” the bank said in a statement.
