Norway Policy rate in Norway

Norges Bank · Monthly · Importance

4.50% (Sep-26) ABS · % · Monthly · CSV
0.25 (Sep-26) MOM · pp · Monthly · CSV
0.50 (Sep-26) YOY · pp · Monthly · CSV
Period%
Sep 2026 4.50%
Aug 2026 4.25%
Jun 2026 4.25%
May 2026 4.25%
Sep 2025 4.00%
Jun 2025 4.25%
Dec 2023 4.50%
Sep 2023 4.25%
Aug 2023 4.00%
Jun 2023 3.75%
May 2023 3.25%
Mar 2023 3.00%
Dec 2022 2.75%
Nov 2022 2.50%
Sep 2022 2.25%
Aug 2022 1.75%
Jun 2022 1.25%
Mar 2022 0.75%
Dec 2021 0.50%
Sep 2021 0.25%
May 2020 0.00%
Mar 2020 0.25%
Mar 2020 1.00%
Sep 2019 1.50%
Jun 2019 1.25%
Mar 2019 1.00%
Sep 2018 0.75%
Mar 2016 0.50%
Sep 2015 0.75%
Jun 2015 1.00%
Dec 2014 1.25%
Mar 2012 1.50%
Dec 2011 1.75%
May 2011 2.25%
May 2010 2.00%
Dec 2009 1.75%
Oct 2009 1.50%
Jun 2009 1.25%
May 2009 1.50%
Mar 2009 2.00%
Feb 2009 2.50%
Dec 2008 3.00%
Oct 2008 4.75%
Oct 2008 5.25%
Jun 2008 5.75%
Apr 2008 5.50%
Dec 2007 5.25%
Sep 2007 5.00%
Aug 2007 4.75%
Jun 2007 4.50%
May 2007 4.25%
Mar 2007 4.00%
Jan 2007 3.75%
Dec 2006 3.50%
Nov 2006 3.25%
Aug 2006 3.00%
Jun 2006 2.75%
Mar 2006 2.50%
Nov 2005 2.25%
Jul 2005 2.00%
Periodpp
Sep 2026 0.25
Aug 2026 0.00
Jun 2026 0.00
May 2026 0.25
Sep 2025 -0.25
Jun 2025 -0.25
Dec 2023 0.25
Sep 2023 0.25
Aug 2023 0.25
Jun 2023 0.50
May 2023 0.25
Mar 2023 0.25
Dec 2022 0.25
Nov 2022 0.25
Sep 2022 0.50
Aug 2022 0.50
Jun 2022 0.50
Mar 2022 0.25
Dec 2021 0.25
Sep 2021 0.25
May 2020 -0.25
Mar 2020 -1.25
Sep 2019 0.25
Jun 2019 0.25
Mar 2019 0.25
Sep 2018 0.25
Mar 2016 -0.25
Sep 2015 -0.25
Jun 2015 -0.25
Dec 2014 -0.25
Mar 2012 -0.25
Dec 2011 -0.50
May 2011 0.25
May 2010 0.25
Dec 2009 0.25
Oct 2009 0.25
Jun 2009 -0.25
May 2009 -0.50
Mar 2009 -0.50
Feb 2009 -0.50
Dec 2008 -1.75
Oct 2008 -1.00
Jun 2008 0.25
Apr 2008 0.25
Dec 2007 0.25
Sep 2007 0.25
Aug 2007 0.25
Jun 2007 0.25
May 2007 0.25
Mar 2007 0.25
Jan 2007 0.25
Dec 2006 0.25
Nov 2006 0.25
Aug 2006 0.25
Mar 2006 0.25
Nov 2005 0.25
Mar 2004 -0.25
Jan 2004 -0.25
Dec 2003 -0.25
Sep 2003 -0.50
Periodpp
Sep 2026 0.50
Aug 2026 0.00
Jun 2026 0.00
May 2026 -0.25
Sep 2025 -0.50
Jun 2025 -0.25
Dec 2023 1.75
Sep 2023 2.00
Aug 2023 2.25
Jun 2023 2.50
May 2023 2.50
Mar 2023 2.25
Dec 2022 2.25
Nov 2022 2.25
Sep 2022 2.00
Aug 2022 1.75
Jun 2022 1.25
Mar 2022 0.75
Dec 2021 0.50
Sep 2021 0.25
May 2020 -1.00
Mar 2020 -0.75
Sep 2019 0.75
Jun 2019 0.75
Mar 2019 0.50
Sep 2018 0.25
Mar 2016 -0.75
Sep 2015 -0.75
Jun 2015 -0.50
Dec 2014 -0.25
Mar 2012 -0.50
Dec 2011 -0.25
May 2011 0.25
May 2010 0.50
Dec 2009 -1.25
Oct 2009 -3.25
Jun 2009 -4.50
May 2009 -4.00
Mar 2009 -3.25
Feb 2009 -2.75
Dec 2008 -2.25
Oct 2008 -0.25
Jun 2008 1.25
Apr 2008 1.50
Dec 2007 1.75
Sep 2007 2.00
Aug 2007 1.75
Jun 2007 1.75
May 2007 1.75
Mar 2007 1.50
Jan 2007 1.50
Dec 2006 1.25
Nov 2006 1.00
Aug 2006 1.00
Mar 2006 0.75
Nov 2005 0.50
Mar 2004 -3.75
Jan 2004 -4.00
Dec 2003 -4.25
Sep 2003 -4.50

About this indicator

Source
Norges Bank
Frequency
Monthly
Release
On the central bank's monetary policy meeting dates.
What it is
The official policy rate set by Norges Bank, Norway's central bank. It is the benchmark rate (the rate on banks' sight deposits at the central bank) through which it conducts monetary policy, and it is the reference price of money in the Norwegian economy.
How it's calculated
It is not calculated statistically: it is decided by the Norges Bank monetary policy committee at its scheduled meetings, in light of its price stability objective and economic conditions. It is expressed as a percentage.
Market implications
Changes in the policy rate feed through to market rates, credit, the Norwegian krone and, through them, to consumption, investment, employment and prices. It is the main tool of monetary policy: a hike or a more hawkish stance than expected tends to strengthen the krone.
Limitations
The policy rate is a discretionary decision whose effects on the economy act with long and variable lags, and it must be coordinated with fiscal policy to achieve the best outcomes.