Norway Monetary Policy


Norway: Norges Bank leaves key policy rate unchanged in October

October 23, 2014

At its 23 October monetary policy meeting, Norges Bank (NB) decided to maintain the sight deposit rate unchanged at 1.50%. The Bank’s decision was on par with market expectations. The Central Bank has left the key monetary policy rate unchanged since April 2012.

In its statement, the Central Bank acknowledged that growth among the country’s main trading partners remains moderate and that uncertainty has increased, particularly in the Euro area. In addition, the expected increase in key rates abroad has again been postponed.

Domestically, Governor Oystein Olsen stated that both inflation and economic growth are in line with September’s projections, although, “developments abroad and the fall in oil prices has increased the uncertainty regarding the outlook for the Norwegian economy.” In addition, the Bank noted that the krone has depreciate since September. The next monetary policy meeting is scheduled for 11 December.

The majority of FocusEconomics Consensus Forecast panelists expect the sight deposit rate to remain stable through the end of this year, resulting in an average forecast of 1.50%. In 2015, the panel sees the key policy rate rising to 1.63%.

Author: Ricard Torné, Lead Economist

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Norway Monetary Policy Chart

Norway Monetary Policy October 2014

Note: Sight deposit rate in %.
Source: Norges Bank (NB).

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