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Please turn Javascript on to get the best experience from rte.ie skip to main content Menu Weather 9°C Ireland's National Public Service Media Meáin Náisiúnta Seirbhíse Poiblí na hÉireann Menu * News * Sport * Entertainment * Business * Lifestyle * Culture * Player * TV * Radio * Weather 9°C * Gaeilge * Archives * Brainstorm * History Weather 9°C Menu * Weather 9°C Discover * RTÉ Archives * RTÉ Brainstorm * History * Gaeilge * RTÉ Learn Watch * RTÉ Player * TV * RTÉ One * RTÉ2 * RTÉ News * RTÉjr Listen * Radio * Podcasts * RTÉ Radio 1 * RTÉ 2FM * RTÉ lyric fm * RTÉ Raidió na Gaeltachta Services * Orchestra * RTÉ Weather * Lotto * Century Ireland * RTÉ Shop Kids * RTÉ Kids * RTÉ Learn Help * Contact * Feedback * Policies and Reports * Complaints * Terms & Conditions * Individual Rights Guide * Privacy Policy * Cookie Policy * Freedom of Information Information * About RTÉ * TV Licence * Vacancies * Latest Annual Report * Advertise with RTÉ * 2rn * Saorview * Newsletters * RTÉ Supporting the Arts See all results * News * Sport * Entertainment * Business * Lifestyle * Culture * Player * TV * Radio * Weather 9°C * Gaeilge * Archives * Brainstorm * History * Weather 9°C Discover * RTÉ Archives * RTÉ Brainstorm * History * Gaeilge * RTÉ Learn Watch * RTÉ Player * TV * RTÉ One * RTÉ2 * RTÉ News * RTÉjr Listen * Radio * Podcasts * RTÉ Radio 1 * RTÉ 2FM * RTÉ lyric fm * RTÉ Raidió na Gaeltachta Services * Orchestra * RTÉ Weather * Lotto * Century Ireland * RTÉ Shop Kids * RTÉ Kids * RTÉ Learn Help * Contact * Feedback * Policies and Reports * Complaints * Terms & Conditions * Individual Rights Guide * Privacy Policy * Cookie Policy * Freedom of Information Information * About RTÉ * TV Licence * Vacancies * Latest Annual Report * Advertise with RTÉ * 2rn * Saorview * Newsletters * RTÉ Supporting the Arts * Weather 9°C Discover * RTÉ Archives * RTÉ Brainstorm * History * Gaeilge * RTÉ Learn Watch * RTÉ Player * TV * RTÉ One * RTÉ2 * RTÉ News * RTÉjr Listen * Radio * Podcasts * RTÉ Radio 1 * RTÉ 2FM * RTÉ lyric fm * RTÉ Raidió na Gaeltachta Services * Orchestra * RTÉ Weather * Lotto * Century Ireland * RTÉ Shop Kids * RTÉ Kids * RTÉ Learn Help * Contact * Feedback * Policies and Reports * Complaints * Terms & Conditions * Individual Rights Guide * Privacy Policy * Cookie Policy * Freedom of Information Information * About RTÉ * TV Licence * Vacancies * Latest Annual Report * Advertise with RTÉ * 2rn * Saorview * Newsletters * RTÉ Supporting the Arts Weather Warning * News * Business * Agribusiness * Focus on Inflation * Business of Climate * Work * Brexit * Watch and Listen * Your Money * Technology * Markets * Economy * Analysis NORWAY CENTRAL BANK RAISES RATE TO 3% AS EXPECTED, SAYS MAY HIKE LIKELY Updated / Thursday, 23 Mar 2023 10:19 Norges Bank Governor Ida Wolden Bache Norway's central bank raised its benchmark interest rate by 25 basis points (bps) to 3% today to rein in inflation and said it would likely raise it again in May and also after that to hit 3.5% this summer. Of the 26 economists polled earlier, 25 had anticipated an increase of 25 bps while one had bet on an increase of 50 bps. The poll had predicted that rates would peak at 3.25%. "There is considerable uncertainty about future economic developments, but if developments turn out as we now expect, the policy rate will be raised further in May," Norges Bank Governor Ida Wolden Bache said in a statement. "The policy rate forecast has been revised up from the December Monetary Policy Report and indicates a rise in the policy rate to around 3.5% in summer," Norges bank said. Nordea Markets said Norges Bank was now expected to hike in May and June and possibly also in September. "The central bank decision for higher rates is mainly due to the weak (crown) and better economic development," Nordea said. Norges Bank now expects that mainland GDP, a key measure that strips out changes stemming from oil and gas production, will rise by 1.1% this year compared to a December forecast of a 0.2% contraction. "A higher policy rate is needed to curb inflation," Norges Bank said. Norway's core inflation, which excludes energy costs, stood at 5.9% in February, in line with the central bank's December forecast and down from a peak of 6.4% in January, with a price war among supermarkets easing some of the pressure. The crown has weakened by around 8% this year on a trade-weighted basis compared with Norges Bank's assumptions made in December, fuelling inflation. "If the (crown) proves weaker than projected, or pressures in the economy persist, a higher policy rate than currently projected may be needed to bring inflation down to target," the central bank said. "If inflation falls faster or unemployment rises more than projected, the policy rate may be lower than projected," it added. MORE STORIES ON * News * Business * Interest Rates * Norway * Inflation * Norges Bank * Ida Wolden Bache Accreditation: Reuters MOST READ 1 ACCENTURE SET TO CUT 400 JOBS IN IRELAND 23 Mar 2 TEN COMPLAINTS AGAINST BOI UPHELD BY OMBUDSMAN 00:01 3 PLANNING PERMISSION REFUSED FOR 1,180 DUBLIN HOMES 23 Mar 4 INTERNATIONAL PROTECTION APPLICANTS FACE WORK BARRIERS 00:01 5 RYANAIR'S O'LEARY SAYS TALKS RESTARTED WITH BOEING - FT 23 Mar 6 TOLLING SYSTEM PLAN FOR DUBLIN AIRPORT GETS GREEN LIGHT 22 Mar 7 AIB GROUP CHIEF TECHNOLOGY OFFICER TO LEAVE THE BANK 23 Mar 8 ICS ANNOUNCES FIXED AND VARIABLE MORTGAGE RATE HIKES 21 Mar MOST READ 1 ACCENTURE SET TO CUT 400 JOBS IN IRELAND 23 Mar 2 TEN COMPLAINTS AGAINST BOI UPHELD BY OMBUDSMAN 00:01 3 PLANNING PERMISSION REFUSED FOR 1,180 DUBLIN HOMES 23 Mar 4 INTERNATIONAL PROTECTION APPLICANTS FACE WORK BARRIERS 00:01 5 RYANAIR'S O'LEARY SAYS TALKS RESTARTED WITH BOEING - FT 23 Mar 6 TOLLING SYSTEM PLAN FOR DUBLIN AIRPORT GETS GREEN LIGHT 22 Mar 7 AIB GROUP CHIEF TECHNOLOGY OFFICER TO LEAVE THE BANK 23 Mar 8 ICS ANNOUNCES FIXED AND VARIABLE MORTGAGE RATE HIKES 21 Mar * Weather Discover * RTÉ Archives * RTÉ Brainstorm * History * Gaeilge * RTÉ Learn Watch * RTÉ Player * TV * RTÉ One * RTÉ2 * RTÉ News * RTÉjr Listen * Radio * Podcasts * RTÉ Radio 1 * RTÉ 2FM * RTÉ lyric fm * RTÉ Raidió na Gaeltachta Services * Orchestra * RTÉ Weather * Lotto * Century Ireland * RTÉ Shop Kids * RTÉ Kids * RTÉ Learn Help * Contact * Feedback * Policies and Reports * Complaints * Terms & Conditions * Individual Rights Guide * Privacy Policy * Cookie Policy * Freedom of Information Information * About RTÉ * TV Licence * Vacancies * Latest Annual Report * Advertise with RTÉ * 2rn * Saorview * Newsletters * RTÉ Supporting the Arts Follow RTÉ © RTÉ 2023. 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