The Norges Bank held its benchmark policy rate at 0.0 percent during its December 2020 meeting as widely expected, saying rates will remain low until there are clear signs that economic conditions are normalizing. Policymakers noted that higher infection rates and stricter containment measures were holding back the economic recovery, while positive news about vaccines and prospects that vaccination could begin in the very near future might result in a faster pick-up in economic activity than previously projected. Nevertheless, the central bank said it will probably take time for output and employment to return to pre-pandemic levels. Underlying inflation was still above the target, but the krone appreciation since March and prospects for low wage growth suggested that it will moderate further ahead. source: Norges Bank

Interest Rate in Norway averaged 3.92 percent from 1991 until 2020, 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 2020.

Interest Rate in Norway is expected to be 0.00 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 0.00 in 12 months time. In the long-term, the Norway Interest Rate is projected to trend around 0.00 percent in 2021, 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 - 2020 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-08-20 08:00 AM Norges Bank Interest Rate Decison 0% 0% 0% 0%
2020-09-24 08:00 AM Norges Bank Interest Rate Decision 0% 0% 0% 0%
2020-11-05 09:00 AM Norges Bank Interest Rate Decision 0% 0% 0% 0%
2020-12-17 09:00 AM Norges Bank Interest Rate Decision 0% 0% 0% 0%
2021-01-21 09:00 AM Norges Bank Interest Rate Decision 0% 0%
2021-03-18 09:00 AM Norges Bank Monetary Policy Report
2021-03-18 09:00 AM Norges Bank Interest Rate Decision
2021-05-06 08:00 AM Norges Bank Interest Rate Decision
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Norway Leaves Monetary Policy Unchanged
The Norges Bank held its benchmark policy rate at 0.0 percent during its December 2020 meeting as widely expected, saying rates will remain low until there are clear signs that economic conditions are normalizing. Policymakers noted that higher infection rates and stricter containment measures were holding back the economic recovery, while positive news about vaccines and prospects that vaccination could begin in the very near future might result in a faster pick-up in economic activity than previously projected. Nevertheless, the central bank said it will probably take time for output and employment to return to pre-pandemic levels. Underlying inflation was still above the target, but the krone appreciation since March and prospects for low wage growth suggested that it will moderate further ahead.
2020-12-17
Norway Leaves Monetary Policy Unchanged
The central bank of Norway left its key policy rate unchanged at a record low of 0% on November 5th 2020, saying the sharp economic downturn and considerable uncertainty surrounding the outlook suggest keeping borrowing costs on hold until there are clear signs that economic conditions are normalising. The overnight lending rate was also left steady at 1% and the reserve rate at -1%. The central bank last cut rates by 25bps in May and by 125bps in March, aiming to support the economy amid the coronavirus-hit.
2020-11-05
Norway Leaves Monetary Policy Steady
The Norges Bank held its benchmark policy rate at 0.0 percent during its September 2020 meeting as widely expected. "The sharp economic downturn and considerable uncertainty surrounding the outlook suggest keeping the policy rate on hold until there are clear signs that economic conditions are normalising”, Governor Olsen said. The policy rate forecast is little changed since June and implies a rate at the current level over the next couple of years, followed by a gradual rise as activity approaches a more normal level.
2020-09-24
Norges Bank Pledges to Keep Rates Steady for Some Time
The Norges Bank held its benchmark policy rate at 0.0 percent during its August meeting as widely expected, saying there was a considerable uncertainty surrounding further economic recovery as some containment measures have been reintroduced due to the spread of Covid-19. Policymakers noted that activity remains lower than prior to the pandemic, unemployment is still high and underlying inflation rose above the target. The krone appreciation and prospects for low wage growth suggest that inflation will moderate further out. The central bank also said that the policy rate would remain at the current level over the next couple of years, and then will be hiked gradually.
2020-08-20

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.