Norway hikes key interest rate to 1.75 percent

The Norwegian central bank on Wednesday surprised market watchers by raising interest rates for the second time in the last three months, lifting its key rate by a quarter percentage point to 1.75 percent.

Maintaining however that it plans to keep rates low until the middle of next year, Norges Bank cited renewed economic growth, both at home and abroad, and sharper-than-expected inflation for the move.

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