The Norges Bank held its benchmark policy rate at 0.0 percent during its September 2020 meeting as widely expected. "The sharp economic downturn and considerable uncertainty surrounding the outlook suggest keeping the policy rate on hold until there are clear signs that economic conditions are normalising”, Governor Olsen said. The policy rate forecast is little changed since June and implies a rate at the current level over the next couple of years, followed by a gradual rise as activity approaches a more normal level.

Interest Rate in Norway averaged 3.95 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 October 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, 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
2020-05-07 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% 0% 0%
2020-09-24 08:00 AM Norges Bank Interest Rate Decision 0% 0% 0% 0%
2020-11-05 09:00 AM Norges Bank Interest Rate Decision 0% 0%
2020-12-17 09:00 AM Norges Bank Monetary Policy Report
2020-12-17 09:00 AM Norges Bank Interest Rate Decision 0%


News Stream
Norway Leaves Monetary Policy Steady
The Norges Bank held its benchmark policy rate at 0.0 percent during its September 2020 meeting as widely expected. "The sharp economic downturn and considerable uncertainty surrounding the outlook suggest keeping the policy rate on hold until there are clear signs that economic conditions are normalising”, Governor Olsen said. The policy rate forecast is little changed since June and implies a rate at the current level over the next couple of years, followed by a gradual rise as activity approaches a more normal level.
2020-09-24
Norges Bank Pledges to Keep Rates Steady for Some Time
The Norges Bank held its benchmark policy rate at 0.0 percent during its August meeting as widely expected, saying there was a considerable uncertainty surrounding further economic recovery as some containment measures have been reintroduced due to the spread of Covid-19. Policymakers noted that activity remains lower than prior to the pandemic, unemployment is still high and underlying inflation rose above the target. The krone appreciation and prospects for low wage growth suggest that inflation will moderate further out. The central bank also said that the policy rate would remain at the current level over the next couple of years, and then will be hiked gradually.
2020-08-20
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 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.