The Norges Bank held its benchmark interest rate at a record low of 0.0 percent during its June meeting, and signaled that the first post-pandemic rate hike is likely to come in September. Policymakers noted that economic activity seems to be rebounding sharply and somewhat faster than projected earlier, due to the acceleration of the vaccination pace and the latest reopening efforts. At the same time, underlying inflation has slowed and is now below the 2 percent target. Officials also said low interest rates reduce the risk of unemployment becoming entrenched at a high level and help return inflation towards the target, but warned that they could also increase the risk of a build-up of financial imbalances. Looking ahead, the policy rate forecast is slightly higher than in the March 2021 Monetary Policy Report and implies a gradual rise from autumn 2021. source: Norges Bank

Interest Rate in Norway averaged 3.87 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 July 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. Looking forward, we estimate Interest Rate in Norway to stand at 1.00 in 12 months time. 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.

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Norway Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.00 0.00 11.00 0.00 1991 - 2021 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2021-01-21 09:00 AM Norges Bank Interest Rate Decision 0% 0% 0% 0%
2021-03-18 09:00 AM Norges Bank Interest Rate Decision 0% 0% 0% 0%
2021-05-06 08:00 AM Norges Bank Interest Rate Decision 0% 0% 0% 0%
2021-06-17 08:00 AM Norges Bank Interest Rate Decision 0% 0% 0% 0%
2021-08-19 08:00 AM Norges Bank Interest Rate Decision 0% 0%
2021-09-23 08:00 AM Norges Bank Monetary Policy Report
2021-09-23 08:00 AM Norges Bank Interest Rate Decision 0.25%
2021-11-04 09:00 AM Norges Bank Interest Rate Decision 0.25%


News Stream
Norges Bank Holds Rates, Signals Hike in September
The Norges Bank held its benchmark interest rate at a record low of 0.0 percent during its June meeting, and signaled that the first post-pandemic rate hike is likely to come in September. Policymakers noted that economic activity seems to be rebounding sharply and somewhat faster than projected earlier, due to the acceleration of the vaccination pace and the latest reopening efforts. At the same time, underlying inflation has slowed and is now below the 2 percent target. Officials also said low interest rates reduce the risk of unemployment becoming entrenched at a high level and help return inflation towards the target, but warned that they could also increase the risk of a build-up of financial imbalances. Looking ahead, the policy rate forecast is slightly higher than in the March 2021 Monetary Policy Report and implies a gradual rise from autumn 2021.
2021-06-17
Norges Bank Signals Interest Rate Hike in 2021
The Norges Bank held its benchmark interest rate at a record low of 0.0 percent during its May meeting, saying that there is need for a continued expansionary monetary policy stance to support the economic recovery. Still, policymakers reaffirmed their current assessment that the policy rate will most likely be raised in the latter half of 2021 as activity will pick up through the year, helped by the re-opening of the economy and the vaccination programme. On the price front, the central bank said underlying inflation is still above the target, but the krone appreciation and prospects for moderate wage growth suggest that inflation will moderate ahead.
2021-05-06
Norway Leaves Rates Steady, Tightening from Late 2021
The Norges Bank left its key policy rate steady at 0% on March 18th 2021, in line with market forecasts. Policymakers noted that activity has picked up since spring 2020, but the recovery is being held back by higher infection rates and strict containment measures. Also, underlying inflation is still above the target, but has moderated in recent months. On the other hand, there are prospects that economic activity will approach a normal level earlier than projected and the policy rate will most likely be raised in the latter half of 2021.
2021-03-18
Norway Leaves Rates Steady at 0%
The Norges Bank kept its benchmark policy rate unchanged at 0 percent during its January 2021 meeting, in line with expectations. Policymakers said economic developments have so far been broadly in line with the December projections. After rising for several months, activity in the Norwegian economy fell again towards the end of 2020 and the recovery is now being held back by higher infection rates and stricter containment measures. At the same time, vaccination is well under way, and economic growth is expected to pick up further in 2021. Underlying inflation is above the target, but the krone appreciation and prospects for low wage growth suggest that it will moderate ahead.
2021-01-21

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.