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. 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 May of 2022.
Interest Rate in Norway is expected to be 1.00 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 2.50 percent in 2023 and 1.75 percent in 2024, according to our econometric models.