Norges Bank will probably raise its benchmark interest rate tomorrow, becoming the first European central bank to reverse monetary support measures as policy makers steer the oil-rich economy through its recovery.

The Oslo-based bank will lift the overnight deposit rate by a quarter point to 1.5%, the first increase in more than a year, according to 19 out of 20 economists surveyed by Bloomberg. The other forecast an increase to 1.75%. The bank will announce its decision at 2pm.