The Norges Bank held its benchmark interest rate at 0.25 percent during its November 2021 meeting, in line with expectations, and reiterated that a rate hike is likely in December. Policymakers noted that the reopening of society has marked an upswing in the economy, as economic activity and capacity utilization are seen higher than its pre-pandemic level, while unemployment has fallen further. Meanwhile, there is still uncertainty as to the evolution of the pandemic and its impact on the Norwegian economy even though high vaccination rates are expected to limit further restrictions. At the same time, underlying inflation remains under the target, but increased economic activity and rising wages are likely to push underlying inflation towards the target of 2 percent. Looking forward, the policy rate forecast is in line with the September 2021 policy report, pointing to a gradual rise to a rate of 1 percent in the year ahead. source: Norges Bank

Interest Rate in Norway averaged 3.83 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 December of 2021.

Interest Rate in Norway is expected to be 0.50 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 1.25 percent in 2022 and 1.75 percent in 2023, according to our econometric models.

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Norway Interest Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-08-19 08:00 AM Norges Bank Interest Rate Decision 0% 0% 0% 0%
2021-09-23 08:00 AM Norges Bank Interest Rate Decision 0.25% 0% 0.25% 0.25%
2021-11-04 09:00 AM Norges Bank Interest Rate Decision 0.25% 0.25% 0.25% 0.25%
2021-12-16 09:00 AM Norges Bank Monetary Policy Report
2021-12-16 09:00 AM Norges Bank Interest Rate Decision 0.25% 0.5%


Related Last Previous Unit Reference
Interest Rate 0.25 0.25 percent Nov/21
Interbank Rate 0.82 0.82 percent Nov/21
Loans to Private Sector 1991780.00 1985447.00 NOK Million Sep/21
Deposit Interest Rate -0.75 -0.75 percent Nov/21
Lending Rate 1.25 1.25 percent Nov/21
Loan Growth 5.30 5.30 percent Oct/21
Central Bank Balance Sheet 12528589.00 12511248.00 NOK Million Oct/21

News Stream
Norges Bank Signals Interest Rate Hike in December
The Norges Bank held its benchmark interest rate at 0.25 percent during its November 2021 meeting, in line with expectations, and reiterated that a rate hike is likely in December. Policymakers noted that the reopening of society has marked an upswing in the economy, as economic activity and capacity utilization are seen higher than its pre-pandemic level, while unemployment has fallen further. Meanwhile, there is still uncertainty as to the evolution of the pandemic and its impact on the Norwegian economy even though high vaccination rates are expected to limit further restrictions. At the same time, underlying inflation remains under the target, but increased economic activity and rising wages are likely to push underlying inflation towards the target of 2 percent. Looking forward, the policy rate forecast is in line with the September 2021 policy report, pointing to a gradual rise to a rate of 1 percent in the year ahead.
2021-11-04
Norges Bank Hikes Interest Rate to 0.25%
The Norges Bank hiked its benchmark interest rate to 0.25 percent from a record low of 0 percent during its September 2021 meeting, in line with expectations. Policymakers noted that reopening of society and a normalizing economy make it appropriate to begin a gradual normalization of the policy rate, besides the need of a higher rate to counter built-up financial imbalances. Even though Covid infection rates have risen over the summer, high vaccination rates have made it possible to continue easing pandemic related restrictions. Thus, unemployment fell further, inflation rose, and capacity utilization appears to be close to a normal level. At the same time, underlying inflation is low, but increased activity, rising employment, and rising wages are forecasted to push inflation towards the target of 2 percent. Looking forward, the policy rate will most likely be raised in December, and the central bank sees 4 more hikes to 1.25 percent by the end of 2022.
2021-09-23
Norges Bank Signals Interest Rate Hike in September
The Norges Bank held its benchmark interest rate at a record low of 0.0% during its August 2021 meeting, as expected, and reiterated that a rate hike is likely in September. Policymakers noted that the reopening of society has driven a marked rise in activity, and unemployment has fallen further. Meanwhile, there is still uncertainty around the evolution of the pandemic and its impact on the Norwegian economy. At the same time, underlying inflation has declined and is below the 2% target. Officials also said that 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 broadly in line with the June 2021 Monetary Policy Report which pointed to a gradual rise from autumn 2021.
2021-08-19

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.