Skip to comments.Norway Becomes First European Country To Raise Interest Rates
Posted on 10/28/2009 2:50:22 PM PDT by blam
Norway Becomes First European Country To Raise Interest Rates
Norway has become the first country in Europe to raise interest rates since the start of the financial crisis as its economy recovers from a shallow downturn.
Published: 5:00PM GMT 28 Oct 2009
Norway's economy has been buoyed by its vast offshore oil and gas sector.
Norges Bank, the country's central bank, increased its deposit rate by a quarter point from record lows to 1.5pc on Wednesday.
The rise will offset a significant fiscal stimulus package introduced by the government at the height of the financial crisis.
Norway, buoyed by its vast offshore oil and gas industry, has had a relatively mild recession compared with other Scandinavian countries.
(Excerpt) Read more at telegraph.co.uk ...