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.

Ok
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

API Features Documentation Interested? Click here to contact us
Please Paste this Code in your Website
width
height
 Preview
Norway Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2023-01-19 09:00 AM 2.75% 2.75% 2.75% 2.75%
2023-03-23 09:00 AM 3% 2.75% 3% 3%
2023-05-04 08:00 AM 3.25% 3% 3.25% 3.25%
2023-06-22 08:00 AM 3.25% 3.5%
2023-08-17 08:00 AM
2023-09-21 08:00 AM


Related Last Previous Unit Reference
Interest Rate 3.25 3.00 percent May 2023
Interbank Rate 3.94 3.94 percent Jun 2023
Loans to Private Sector 2235211.00 2211553.00 NOK Million Apr 2023
Deposit Interest Rate 2.25 2.00 percent May 2023
Lending Rate 4.25 4.00 percent May 2023
Central Bank Balance Sheet 15786713.00 15237835.00 NOK Million Apr 2023
Loan Growth 5.30 5.20 percent Apr 2023

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.
Actual Previous Highest Lowest Dates Unit Frequency
3.25 3.00 11.00 0.00 1991 - 2023 percent Daily

News Stream
Norges Bank Lifts Rate to 3.25%, Hints at June Hike
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.
2023-05-04
Norges Bank Hikes Interest Rate
The Norges Bank raised its key policy rate by 25 bps to 3 percent during its March meeting, bringing borrowing costs to the highest level since February 2009 and saying a higher policy rate is needed to curb inflation that is markedly above its target. Policymakers noted that inflation has been lower than projected but higher wage growth and a weaker krone than projected earlier push up inflation ahead. Therefore, the Committee’s view is that the policy rate needs to be increased to a somewhat higher level than projected earlier in order to bring inflation down to target. The central bank now sees a rise in the policy rate to around 3.5 percent in summer.
2023-03-23
Norges Bank Holds Rates, Hints at March Hike
The Norges Bank left its benchmark interest rate unchanged at 2.75 percent during its January meeting, but said the policy rate will need to be increased somewhat further to bring inflation down towards the target. Policymakers noted that there are prospects that energy prices will be lower than expected earlier, and global inflationary pressures appear to be easing. The policy rate has been raised considerably over a short period of time, and monetary policy has started to have a tightening effect on the economy, suggesting a more gradual approach to policy rate setting. “The future policy rate path will depend on economic developments. The policy rate will most likely be raised in March”, says Governor Ida Wolden Bache.
2023-01-19