Norway 1st in Europe to raise interest rates - by Ian MacDougall
Norway's central bank raised its key interest rate by a quarter percentage point to 1.5 percent Wednesday, making the oil-rich country the first European economy to boost rates since the height of the global financial crisis. Norges Bank said in a statement that its decision was due to a sharper-than-expected rise in inflation and lower unemployment. "The world economy is in a deep slump, but there are signs of new growth," said Svein Gjedrem, governor of Norges Bank. "The Norwegian economy has gotten moving again faster than anticipated."
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