Business News
Norwegian central bank raises rate to 1.50 per cent
Oct 28, 2009, 13:34 GMT
Oslo - Norway's central bank on Wednesday raised its benchmark interest rate by 0.25 percentage points to 1.50 per cent, citing slightly higher inflation and signs of economic recovery.
'Unemployment is considerably lower than previously projected. The global economy is in a deep downturn, but there are signs of renewed growth,' Governor Svein Gjedrem said in a statement.
In Norway, the 'economy has picked up more rapidly than expected,' the central bank said.
It was the bank's second rate cut after a 0.25 percentage point reduction on June 17.
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