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.