The Norges Bank held its benchmark interest rate at an all-time low of 0% on June 18th 2020, as widely expected. Policymakers noted that the coronavirus pandemic hit hard the economy, still activity has picked up faster than expected since the last meeting. The Committee said that there is considerable uncertainty surrounding the path to recovery. Policymakers added that low interest rates are contributing to accelerating the return to more normal employment and output levels. The Committee said that the current assessment of the outlook and balance of risks suggests that the policy rate will most likely remain at the current level for some time ahead.

Interest Rate in Norway averaged 3.99 percent from 1991 until 2020, reaching an all time high of 11 percent in September of 1992 and a record low of 0 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 August of 2020. source: Norges Bank

Interest Rate in Norway is expected to be 0.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Norway to stand at 0.00 in 12 months time. In the long-term, the Norway Interest Rate is projected to trend around 0.00 percent in 2021 and 0.50 percent in 2022, according to our econometric models.

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Norway Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.00 0.00 11.00 0.00 1991 - 2020 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-03-13 07:35 AM Norges Bank Interest Rate Decison 1.0% 1.5% 1.5%
2020-03-20 07:40 AM Norges Bank Interest Rate Decison 0.25% 1.0%
2020-05-07 08:00 AM Norges Bank Interest Rate Decison 0% 0.25% 0.25% 0.25%
2020-06-18 08:00 AM Norges Bank Interest Rate Decison 0% 0% 0% 0%
2020-08-20 08:00 AM Norges Bank Interest Rate Decison 0% 0%
2020-09-24 08:00 AM Norges Bank Monetary Policy Report
2020-09-24 08:00 AM Norges Bank Interest Rate Decison 0%
2020-11-05 09:00 AM Norges Bank Interest Rate Decison 0%


News Stream
Norway Leaves Monetary Policy Unchanged
The Norges Bank held its benchmark interest rate at an all-time low of 0% on June 18th 2020, as widely expected. Policymakers noted that the coronavirus pandemic hit hard the economy, still activity has picked up faster than expected since the last meeting. The Committee said that there is considerable uncertainty surrounding the path to recovery. Policymakers added that low interest rates are contributing to accelerating the return to more normal employment and output levels. The Committee said that the current assessment of the outlook and balance of risks suggests that the policy rate will most likely remain at the current level for some time ahead.
2020-06-18
Norway Cuts Rates to 0%
The Norges Bank cut its benchmark interest rate by 25 bps to a record low of 0% on May 7th 2020, while markets were expecting the rate to be left at 0.25%. It is the third straight cut in borrowing costs since March as economic activity has fallen sharply due to the coronavirus, amplified by the severe impact of the pandemic on surrounding countries and by a sharp fall in oil prices. Policymakers expect the economic activity to pick up as containment measures are eased, but it will likely take time for output and employment to return to the levels prevailing before the pandemic.
2020-05-07
Norway Slashes Key Rate to 0.25%
The Norges Bank cut its benchmark interest rate by 75 bps to a record low of 0.25 percent during an emergency meeting on March 20th 2020. It followed another extraordinary 50bps slash a week earlier which was the first cut in borrowing costs since 2016. Policymakers said that the situation in the Norwegian economy has continued to worsen and that lower borrowing costs for existing and new loans can make it easier for enterprises to weather a difficult period. This can also help households facing reduced income. When the containment measures are scaled back and the situation returns to normal, low interest rates can support a faster rebound in activity. The central bank added that will continually consider measures to ensure that the policy rate passes through to money market rates and does not rule out a further rate cut.
2020-03-20
Norges Bank Cuts Rates by 50 bps to 1%
The Norges Bank lowered its benchmark interest rate by 50 bps to 1.0 percent during an extraordinary meeting on March 12th, the first rate cut rate since 2016, saying activity in the Norwegian economy will decline considerably owing to the coronavirus outbreak. Policymakers noted that many firms are feeling the negative effects and unemployment is expected to rise. Economic prospects have also weakened on the back of the sharp fall in oil prices. The bank said it is prepared to make further rate cuts if necessary as uncertainty about the duration and impact of the Covid-19 persists.
2020-03-13

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.