The Norges Bank hiked its benchmark interest rate to 0.25 percent from a record low of 0 percent during its September 2021 meeting, in line with expectations. Policymakers noted that reopening of society and a normalizing economy make it appropriate to begin a gradual normalization of the policy rate, besides the need of a higher rate to counter built-up financial imbalances. Even though Covid infection rates have risen over the summer, high vaccination rates have made it possible to continue easing pandemic related restrictions. Thus, unemployment fell further, inflation rose, and capacity utilization appears to be close to a normal level. At the same time, underlying inflation is low, but increased activity, rising employment, and rising wages are forecasted to push inflation towards the target of 2 percent. Looking forward, the policy rate will most likely be raised in December, and the central bank sees 4 more hikes to 1.25 percent by the end of 2022. source: Norges Bank

Interest Rate in Norway averaged 3.84 percent from 1991 until 2021, 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 September of 2021.

Interest Rate in Norway is expected to be 0.25 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 1.25 percent in 2022 and 1.75 percent in 2023, according to our econometric models.

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Norway Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.25 0.00 11.00 0.00 1991 - 2021 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2021-05-06 08:00 AM Norges Bank Interest Rate Decision 0% 0% 0% 0%
2021-06-17 08:00 AM Norges Bank Interest Rate Decision 0% 0% 0% 0%
2021-08-19 08:00 AM Norges Bank Interest Rate Decision 0% 0% 0% 0%
2021-09-23 08:00 AM Norges Bank Interest Rate Decision 0.25% 0% 0.25% 0.25%
2021-11-04 09:00 AM Norges Bank Interest Rate Decision 0.25%
2021-12-16 09:00 AM Norges Bank Monetary Policy Report
2021-12-16 09:00 AM Norges Bank Interest Rate Decision 0.5%


News Stream
Norges Bank Hikes Interest Rate to 0.25%
The Norges Bank hiked its benchmark interest rate to 0.25 percent from a record low of 0 percent during its September 2021 meeting, in line with expectations. Policymakers noted that reopening of society and a normalizing economy make it appropriate to begin a gradual normalization of the policy rate, besides the need of a higher rate to counter built-up financial imbalances. Even though Covid infection rates have risen over the summer, high vaccination rates have made it possible to continue easing pandemic related restrictions. Thus, unemployment fell further, inflation rose, and capacity utilization appears to be close to a normal level. At the same time, underlying inflation is low, but increased activity, rising employment, and rising wages are forecasted to push inflation towards the target of 2 percent. Looking forward, the policy rate will most likely be raised in December, and the central bank sees 4 more hikes to 1.25 percent by the end of 2022.
2021-09-23
Norges Bank Signals Interest Rate Hike in September
The Norges Bank held its benchmark interest rate at a record low of 0.0% during its August 2021 meeting, as expected, and reiterated that a rate hike is likely in September. Policymakers noted that the reopening of society has driven a marked rise in activity, and unemployment has fallen further. Meanwhile, there is still uncertainty around the evolution of the pandemic and its impact on the Norwegian economy. At the same time, underlying inflation has declined and is below the 2% target. Officials also said that low interest rates reduce the risk of unemployment becoming entrenched at a high level and help return inflation towards the target, but warned that they could also increase the risk of a build-up of financial imbalances. Looking ahead, the policy rate forecast is broadly in line with the June 2021 Monetary Policy Report which pointed to a gradual rise from autumn 2021.
2021-08-19
Norges Bank Holds Rates, Signals Hike in September
The Norges Bank held its benchmark interest rate at a record low of 0.0 percent during its June meeting, and signaled that the first post-pandemic rate hike is likely to come in September. Policymakers noted that economic activity seems to be rebounding sharply and somewhat faster than projected earlier, due to the acceleration of the vaccination pace and the latest reopening efforts. At the same time, underlying inflation has slowed and is now below the 2 percent target. Officials also said low interest rates reduce the risk of unemployment becoming entrenched at a high level and help return inflation towards the target, but warned that they could also increase the risk of a build-up of financial imbalances. Looking ahead, the policy rate forecast is slightly higher than in the March 2021 Monetary Policy Report and implies a gradual rise from autumn 2021.
2021-06-17
Norges Bank Signals Interest Rate Hike in 2021
The Norges Bank held its benchmark interest rate at a record low of 0.0 percent during its May meeting, saying that there is need for a continued expansionary monetary policy stance to support the economic recovery. Still, policymakers reaffirmed their current assessment that the policy rate will most likely be raised in the latter half of 2021 as activity will pick up through the year, helped by the re-opening of the economy and the vaccination programme. On the price front, the central bank said underlying inflation is still above the target, but the krone appreciation and prospects for moderate wage growth suggest that inflation will moderate ahead.
2021-05-06

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.