After dropping rates from 5.75% in Oct 2008 to 1.25% on May 2009 it today raised rates by a quarter point to 1.5%.
Norway, as a major gas and oil producer/exporter, has fared well with rising energy prices. They also have low rising inflation and lower than expected unemployment.
They follow Australia and Israel in raising rates with Canada expected to follow suit soon.
There doesn't seem to be much chance of a rate rise in the rest of the world though. The Eurozone, US and UK are all still struggling to recover and more pain may well be on the way.