Norway ups key policy rate, cites normalized economy

COPENHAGEN, Denmark (AP) — Norway’s central bank has raised its key policy interest rate by a quarter of a percentage point to 0.25%, citing the normalization of the economy that suggests “there is no longer a need to maintain the current degree of monetary accommodation.” The rate has been at 0% since May 7 2020. Norges Bank Governor Oeystein Olsen said Thursday that “a normalizing economy now suggests that it is appropriate to begin a gradual normalization of the policy rate,.”  Norway has seen an upswing in its economy, and “activity is now higher than its pre-pandemic level.”