The Norges Bank on Thursday become the first major Western central bank to raise interest rates following the onset of the coronavirus pandemic. After cutting rates three times in 2020 due the economic fallout from the crisis, Norway’s central bank unanimously decided to raise rates to 0.25% from zero. “A normalising economy now suggests that it is appropriate to begin a gradual normalisation of the policy rate,” said Governor Oystein Olsen in a statement Thursday. The bank said that another hike is likely in December. Norway’s currency rallied to its highest levels since June against the euro, and gained 0.7% ... (full story)