The Norges Bank raised its key policy rate by another 25 bps to 3.25% during its May 4th meeting, as expected, bringing borrowing costs to the highest level since December 2008. The Committee stated that a higher policy rate is needed to dampen inflation, which remains high and markedly above the target of 2%. While underlying inflation has been in line with projections, higher wage growth and the weakening of the krone are expected to keep inflation elevated. Meanwhile, growth in the Norwegian economy has slowed, but activity remains high. The bank indicated that it is likely to raise interest rates again in June if the krone remains weaker than expected or if there are persistent pressures in the economy. source: Norges Bank
Interest Rate in Norway averaged 3.75 percent from 1991 until 2023, reaching an all time high of 11.00 percent in September of 1992 and a record low of 0.00 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 June of 2023.
Interest Rate in Norway is expected to be 3.00 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 3.00 percent in 2024 and 2.25 percent in 2025, according to our econometric models.