Norges Bank raised its policy rate by 25 bps to 4.5% in September 2026, in line with expectations, as policymakers stepped up efforts to contain inflation. While underlying inflation has been lower than expected this summer, the inflation outlook has not changed significantly. The US-Iran war continues to cloud the price outlook, with oil, gas and other raw-material prices rising. The bank noted that the sharp increase in business costs in recent years is likely to keep inflation elevated ahead, adding that sustained high inflation could lead firms and households to expect price pressures to persist, making it harder to reduce. Norges Bank therefore signaled that rates may need to remain high for some time and is prepared to tighten further if necessary to return inflation back to its 2% target within a reasonable timeframe. Meanwhile, economic activity grew broadly as expected and employment continued to rise, while capacity utilization fell slightly less than previously estimated. source: Norges Bank

The benchmark interest rate in Norway was last recorded at 4.50 percent. Interest Rate in Norway averaged 3.79 percent from 1991 until 2026, reaching an all time high of 11.00 percent in September of 1992 and a record low of 0.00 percent in May of 2020. This page provides the latest reported value for - Norway Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Norway Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2026.

The benchmark interest rate in Norway was last recorded at 4.50 percent. Interest Rate in Norway is expected to be 4.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Norway Interest Rate is projected to trend around 4.25 percent in 2027 and 3.75 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-06-18 08:00 AM Norges Bank Interest Rate Decision 4.25% 4.25% 4.25% 4.25%
2026-08-13 08:00 AM Norges Bank Interest Rate Decision 4.25% 4.25% 4.25% 4.25%
2026-09-24 08:00 AM Norges Bank Interest Rate Decision 4.5% 4.25% 4.5% 4.5%
2026-11-05 09:00 AM Norges Bank Interest Rate Decision 4.5% 4.5%
2026-12-17 09:00 AM Norges Bank Monetary Policy Report
2026-12-17 09:00 AM Norges Bank Interest Rate Decision


Related Last Previous Unit Reference
Central Bank Balance Sheet 22744759.00 22599885.00 NOK Million Aug 2026
Deposit Interest Rate 3.50 3.25 percent Sep 2026
Interbank Rate 4.50 4.50 percent Oct 2026
Norges Bank Interest Rate 4.50 4.25 percent Sep 2026
Lending Rate 5.50 5.25 percent Sep 2026
Loan Growth YoY 4.50 4.30 percent Aug 2026
Loans to Private Sector 2175245.00 2162652.00 NOK Million Aug 2026


Norway Interest Rate
In Norway, benchmark interest rate is set by the Central Bank of Norway (Norges Bank). The official interest rate is the key policy rate, also known as sight deposit rate.
Actual Previous Highest Lowest Dates Unit Frequency
4.50 4.25 11.00 0.00 1991 - 2026 percent Daily

News Stream
Norges Bank Raises Policy Rate to 4.5% as Expected
Norges Bank raised its policy rate by 25 bps to 4.5% in September 2026, in line with expectations, as policymakers stepped up efforts to contain inflation. While underlying inflation has been lower than expected this summer, the inflation outlook has not changed significantly. The US-Iran war continues to cloud the price outlook, with oil, gas and other raw-material prices rising. The bank noted that the sharp increase in business costs in recent years is likely to keep inflation elevated ahead, adding that sustained high inflation could lead firms and households to expect price pressures to persist, making it harder to reduce. Norges Bank therefore signaled that rates may need to remain high for some time and is prepared to tighten further if necessary to return inflation back to its 2% target within a reasonable timeframe. Meanwhile, economic activity grew broadly as expected and employment continued to rise, while capacity utilization fell slightly less than previously estimated.
2026-09-24
Norges Bank Keeps Interest Rate at 4.25%
The Norges Bank kept its policy rate steady at 4.25% in August, in line with market expectations, as inflation slowed more than anticipated over the summer. CPI inflation fell to 3% in July, while underlying inflation declined to 2.7%. However, both measures remain above the central bank’s 2% target, meaning policymakers believe it is too early to conclude that inflation is sustainably moving lower. The Bank therefore maintained its restrictive monetary policy stance and warned that another rate hike could still be necessary. Economic activity and labour-market conditions have developed broadly as expected, although housing prices fell sharply in July and construction remains weak. The krone has recovered somewhat after weakening earlier in the summer. The next major signal will come in September, when new economic forecasts are published and policymakers reassess the future path of interest rates.
2026-08-13
Norges Bank Signals Further Tightening Ahead
The Norges Bank kept its policy rate steady at 4.25% in June, as expected, while signaling that further tightening may be needed as inflation remains too high. Governor Ida Wolden Bache said rising business costs are likely to keep price pressures elevated and that the bank may raise rates again at one of its upcoming meetings. The central bank noted that inflation has stayed above target for several years, while economic activity has softened slightly. Norges Bank said uncertainty remains high due to the Middle East conflict and its impact on energy prices. Oil and gas prices have fallen since March, while the potential reopening of the Strait of Hormuz could reduce external price pressures. The bank’s updated forecast points to a policy rate slightly above 4.5% by year-end. Inflation is expected to gradually decline toward the 2% target by 2029, though the future rate path will depend on inflation and labor market developments.
2026-06-18