India, Sept. 24 -- Norges Bank raised its policy rate by a quarter-point on Thursday to bring inflation back to the target and signaled another hike if inflation outlook warrants. The Monetary Policy and Financial Stability Committee decided to hike the policy rate to 4.50 percent from 4.25 percent. The bank had raised the rate by 25 basis points in May.
"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", Governor Ida Wolden Bache said.
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