Norway's central bank raised its benchmark interest rate by 50 basis points on Thursday, its largest single hike since 2002 and twice as much as expected by most economists, and plans to hike again in August as the country seeks to control inflation.
Norges Bank's monetary policy committee raised the sight deposit rate to 1.25% from 0.75%, exceeding its own forecast made in March of a hike to 1.0%.
Of the 20 economists polled by Reuters in advance of Thursday's announcement, 14 had predicted Norges Bank would hike by 25 basis points while six said a 50 bps increase to 1.25% was the most likely outcome. The central bank predicted the policy rate could rise to 3% by mid-2023, having previously pointed to a rate of 2.5% by the end of that year.
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