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Norway Cuts Interest Rate

June 16, 1999

OSLO, Norway (AP) _ Norway’s central bank on Wednesday said it will cut its overnight lending rate for the fourth time this year, this time by 0.5 percent.

The new rates will be 8.0 percent on loans to other banks, and 6.0 percent on deposits, a state bank news release said. The new rates take effect Thursday.

Norway hiked interest rates sharply last year to protect the value of the Norwegian currency, the krone, and slow down an economic boom it feared was about to overheat.

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