The Norges Bank held its benchmark interest rate at 1.5 percent during its January meeting as widely expected, with policymakers saying rates are expected to remain unchanged in the coming period as inflation nears its target and capacity utilisation declines towards a normal level. The bank also noted that risks of a sharp downturn in the global economy appear to have receded somewhat since autumn, but uncertainties surrounding global developments persist.

Interest Rate in Norway averaged 4.02 percent from 1991 until 2020, reaching an all time high of 11 percent in September of 1992 and a record low of 0.50 percent in March of 2016. 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. source: Norges Bank

Interest Rate in Norway is expected to be 1.50 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 1.50 in 12 months time. In the long-term, the Norway Interest Rate is projected to trend around 1.50 percent in 2020, according to our econometric models.

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Norway Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
1.50 1.50 11.00 0.50 1991 - 2020 percent Daily

Calendar GMT Actual Previous Consensus TEForecast
2019-09-19 08:00 AM Norges Bank Interest Rate Decison 1.5% 1.25% 1.5% 1.5%
2019-10-24 08:00 AM Norges Bank Interest Rate Decison 1.5% 1.5% 1.5% 1.5%
2019-12-19 09:00 AM Norges Bank Interest Rate Decison 1.5% 1.5% 1.5% 1.5%
2020-01-23 09:00 AM Norges Bank Interest Rate Decison 1.5% 1.5% 1.5% 1.5%
2020-03-19 09:00 AM Norges Bank Monetary Policy Report
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
2019-12-19
Norway Leaves Rates Steady
The Norges Bank held its benchmark interest rate at 1.5 percent on December 19th 2019, as expected. The central bank said "the inflation is close to the target, and capacity utilisation is somewhat above a normal level. The krone depreciation will likely push up inflation somewhat, while it seems that wage growth will remain moderate ahead. Growth in the mainland economy is slowing. With a policy rate close to the current level, there are prospects that inflation will remain close to the inflation target, and that capacity utilisation will decline towards a normal level". The Governor Øystein Olsen added that "the policy rate will most likely remain at the current level in the coming period". The central bank last raised rates in September, to a total of 75bps in 2019.

2019-10-24
Norges Bank Holds Policy Rate at 1.5%
The Norges Bank held its benchmark interest rate at 1.5 percent during its October meeting, as expected, following a 25bps hike in September, saying that the upturn in the Norwegian economy is continuing broadly in line with expectations in September. Policymakers added that underlying inflation has been as projected; global uncertainty persists, and interest rates abroad are very low while the weak krone may result in higher inflation ahead. “The Executive Board’s current assessment of the outlook and balance of risks suggests that the policy rate will most likely remain at the present level in the coming period,” says Governor Øystein Olsen.

2019-09-19
Norges Bank Hikes Rates for 3rd Time This Year
The Norges Bank raised its benchmark interest rate by 25bps to 1.50 percent during its September meeting, the third increase this year, saying that underlying inflation is close to the inflation target while growth in the Norwegian economy remains solid and capacity utilisation is somewhat above a normal level. Still, policymakers noted that the policy rate forecast indicates a slightly smaller rate rise than in the June's projections as weaker growth prospects and lower interest rates abroad have contributed to the downward revision.

2019-08-15
Norges Bank Holds Policy Rate at 1.25%
The Norges Bank held its benchmark interest rate at 1.25 percent during its August meeting, following a 25bps hike in June, saying that capacity utilisation in the Norwegian economy was somewhat above a normal level while underlying inflation was slightly above the 2 percent target. The bank also said that the policy rate would most likely be increased further in the course of 2019 despite deepening trade tensions and Brexit uncertainty.

2019-06-20
Norway Lifts Key Rate to 1.25%
The Norges Bank raised its key policy rate by 25bps to 1.25% on June 20th 2019, in line with market expectations. It is the third consecutive hike since September, as economic activity continues to strengthen and underlying inflation is a little higher than the 2% inflation target. Moreover, the Norwegian economy is seen expanding stronger in the coming year than projected earlier even though prospects for weaker growth and lower interest rates abroad. The bank also signalled that the policy rate might be increased somewhat further in the course of 2019 and slightly faster in the coming year than projected earlier while the policy rate path is little changed thereafter. Inflation is projected to remain close to the inflation target in the years ahead, at the same time as unemployment remains low.

2019-05-09
Norway Signals Future Policy Rate Hikes in 2019
The Norges Bank held its key policy rate at 1 percent during its May meeting, after a 25bps hike in March, saying that capacity utilisation in the Norwegian economy was slightly above a normal level and underlying inflation was a little higher than the 2 percent inflation target. Policymakers still expect a policy rate increase in the course of the next half-year despite uncertainty surrounding global developments.


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. .

Norway Money Last Previous Highest Lowest Unit
Interest Rate 1.50 1.50 11.00 0.50 percent [+]
Money Supply M0 75020.00 101313.00 169002.00 33111.00 NOK Million [+]
Money Supply M1 2184994.00 2175376.00 2200446.00 66049.00 NOK Million [+]
Interbank Rate 1.82 1.82 27.21 0.71 percent [+]
Money Supply M2 2369290.00 2357947.00 2378491.00 17026.00 NOK Million [+]
Foreign Exchange Reserves 589969.00 622124.00 622124.00 21053.00 NOK Million [+]
Loans to Private Sector 1858242.00 1855215.00 1858242.00 275742.00 NOK Million [+]
Deposit Interest Rate 0.50 0.50 1.25 -0.50 percent [+]
Lending Rate 2.50 2.50 10.00 1.50 percent [+]
Loan Growth 5.60 5.60 24.20 -4.40 percent [+]
Private Debt to GDP 275.30 288.50 298.60 195.20 percent [+]
Central Bank Balance Sheet 10929730.00 10765292.00 10929730.00 6389.00 NOK Million [+]