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To: Jamey who wrote (28231)	8/24/1998 1:33:00 PM
From: Bucky Katt	Respond to of 95453

Norway, world's 2nd largest oil exporter, raises interest rates 2.5%>> Monday, August 24 1998 01:21 PM EDT OSLO, Norway (AP) -- Norway's central bank raised key interest rates by 1 percentage point on Monday in a bid to boost the sagging national currency. The increase by the Bank of Norway was the seventh so far this year, including a 1.5 percentage point hike on Friday that failed to fend off speculation against the kroner. The bank said in a statement that it does not plan any further rate increases in the near future, which means it will allow the currency to float, with its value determined by the market. Until now, the bank has attempted to maintain a stable exchange rate in line with a basket of European currencies. After Monday's increase, the bank's overnight lending rate to other banks will be 10 percent and its rate on deposits will be 8 percent. The new rates take effect on Tuesday. The value of the krone has plunged in recent months to its lowest level in the 1990s. Experts fear that the country's economy is on the verge of overheating and that a minority coalition government does not have the political strength needed to tighten government spending. Norway is the world's second largest oil exporter, and government budget projections have been hard hit by a low oil prices.