Norwegian Krone Rises After Norges Bank Lifts Rates
Dow Jones
Sep 24
0817 GMT - The Norwegian krone rises to a one-week high against the euro after the Norges Bank raised interest rates by 25 basis points to 4.50%. The central bank's Governor Ida Wolden Bache said increasing rates should help combat inflation, which has been above target for several years. "It will likely be necessary to keep the policy rate elevated for a time, and the Committee is prepared to raise the policy rate further if needed to bring inflation down to the 2% target within a reasonable time horizon," she said. Market pricing had suggested the decision was a close call. The euro falls to as a low as 10.7531 krone after the decision, from 10.7907 beforehand.
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