The benchmark interest rate in Norway was last recorded at 1.25 percent. source: Norges Bank

Interest Rate in Norway averaged 3.78 percent from 1991 until 2022, 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 July of 2022.

Interest Rate in Norway is expected to be 1.25 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 3.25 percent in 2023 and 2.75 percent in 2024, according to our econometric models.

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Norway Interest Rate

Calendar GMT Actual Previous Consensus TEForecast
2022-03-24 09:00 AM 0.75% 0.5% 0.75% 0.75%
2022-05-05 08:00 AM 0.75% 0.75% 0.75% 0.75%
2022-06-23 08:00 AM 1.25% 0.75% 1% 1%
2022-08-18 09:00 AM
2022-09-22 09:00 AM
2022-11-03 09:00 AM

Related Last Previous Unit Reference
Interest Rate 1.25 0.75 percent Jun 2022
Interbank Rate 1.68 1.68 percent Jul 2022
Loans to Private Sector 2081908.00 2054800.00 NOK Million May 2022
Deposit Interest Rate -0.25 -0.25 percent May 2022
Central Bank Balance Sheet 12718526.00 12471708.00 NOK Million May 2022
Loan Growth 4.80 4.80 percent May 2022
Lending Rate 1.75 1.75 percent May 2022

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
1.25 0.75 11.00 0.00 1991 - 2022 percent Daily

News Stream
Norway Hikes Interest Rate by More than Expected
The Norges Bank raised its benchmark interest rate by 50bps to 1.25% in its June 2022 meeting, surpassing market expectations of a 25bps increase. It was the steepest increase since 2002, as the Committee noted that underlying inflation has picked up quickly to levels above projections, while rising wage growth and surging import inflation point to domestic inflation remaining above the target for some time. Policymakers also stated that its future decision will be made while paying close attention to the progress of the Norwegian economy, accelerating the tightening pace should inflation rise further and weaken the krone, or slowing its tightening pace if price growth and capacity fall faster than projected. Still, the policy rate forecast was revised higher from the March 2022 Monetary Policy Report, pointing to a policy rate of around 3% by summer of 2023.
Norges Bank Holds Rates, Signals June Hike
The Norges Bank held its benchmark interest rate at 0.75% in its May 2022 meeting, as expected, and kept on track to raise rates in its June meeting to curb rapidly rising inflation. The central bank noted that the upswing of the Norwegian economy continued through the start of the year and that the labor market is tight. While domestic inflation has increased less than expected, larger price increases for imported goods are expected to lift underlying inflation. Still, the uncertainty of the potential economic impact of the war in Ukraine and the risk of accelerated inflation for wages and prices in Norway led policy rate expectations to considerably rise. If prospects of inflation continue upwards, the policy rate may increase in a faster pace than indicated in the March Monetary Policy Report.
Norges Bank Hikes Interest Rate
The Norges Bank increased its benchmark interest rate by 25bps to 0.75% in its March 2022 meeting, as expected, and signaled a more aggressive tightening cycle ahead to curb inflation and a rapidly growing economy. The central bank stated that activity in the Norwegian economy has continued to rise as pandemic related restrictions were lifted, noting an increase in employment and capacity utilization. On the other hand, wage growth and imported goods inflation are expected to uplift underlying inflation. The committee showed concern that the war in Ukraine could result in weaker than expected global growth and rising inflation, weighing on uncertainty when considering the accelerated tightening outlook by the Norges Bank. The policy rate forecast is higher than in the December Monetary Policy report and is expected to be around 2.5 percent at the end of 2023.