Norway’s oil riches are allowing the country to avoid the slow growth, slow inflation trap that’s gripping much of the developed world.

Its central bank on Thursday raised its key interest rate for a second time since September and signaled there’s more to come.

After delivering a rate increase to 1 percent, Norges Bank Governor Øystein Olsen flagged that another hike could come as soon as June, sending the krone soaring. The governor, who also oversees Norway’s $1 trillion wealth fund, acknowledged that his “oil-driven” economy sets his country apart.

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