Norway’s central bank raised Thursday the key interest rate to the highest level since the financial crisis in 2008, by 25 basis points, to reach 4 percent, the 12th increase since September 2021.

Bloomberg News quoted the Norwegian central bank as saying that it is likely to raise the interest rate again by a quarter of a point in September.

The step comes after the announcement of positive data on inflation and the recovery of the local currency, which relieved pressure on policymakers in Norway, which was among the first countries to raise interest rates after the COVID-19 pandemic.

Source: Qatar News Agency