Norway central bank makes largest rate hike in 20 years

Norway's central bank raised its benchmark interest rate by 50 basis points on Thursday, the largest single hike since 2002 and twice as much as expected by most economists, as the country seeks to keep a lid on 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%.