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. source: Norges Bank

Interest Rate in Norway averaged 3.89 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 May of 2021.

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 0.50 in 12 months time. In the long-term, the Norway Interest Rate is projected to trend around 0.75 percent in 2022 and 1.25 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
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% 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%
2021-06-17 08:00 AM Norges Bank Monetary Policy Report
2021-06-17 08:00 AM Norges Bank Interest Rate Decision 0%
2021-08-19 08:00 AM Norges Bank Interest Rate Decision 0%


News Stream
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 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 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.