Latest bank decision: At its September meeting, the Central Bank of Chile held its monetary policy interest rate at 4.75%,...
Sight Deposit Rate in Norway
The Sight Deposit Rate (%, eop) ended 2024 at 4.50%, unchanged from the 4.50% end-2024 value and up from the reading of 1.25% a decade earlier. For reference, the average interest rate in Nordic Economies was 3.22% at end-2024. For more information on interest rate, visit our dedicated page.
Norway Interest Rate Chart
Note: This chart displays Policy Interest Rate (%) for Norway from 2014 to 2024.
Source: Macrobond.
Norway Interest Rate Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Sight Deposit Rate (%, eop) | 0.00 | 0.50 | 2.75 | 4.50 | 4.50 |
| 3-Month NIBOR (%, eop) | 0.49 | 0.95 | 3.26 | 4.73 | 4.68 |
| 10-Year Bond Yield (%, eop) | 0.96 | 1.71 | 3.20 | 3.24 | 3.84 |
Norges Bank pauses loosening cycle in August, as expected
Norges Bank errs on side of caution and holds fire: At its meeting on 13 August, Norges Bank paused the long-awaited loosening cycle it kicked off at its prior meeting in June, leaving its sight deposit rate at 4.25%. The hold had been priced in by markets.
Inflation remains too high and economic uncertainty elevated: Factors driving the decision include the fact that headline and core inflation remain above target, meaning that restrictive monetary policy is still needed to bring price pressures back to the Bank’s 2.0% target. Additionally, the krone weakened recently on declining oil prices and June’s surprise interest rate reduction. The Bank also noted that uncertainty over the global trade regime and the impact of changes in tariffs on the economy remains high.
Reductions set to resume before 2025 ends: Norges Bank’s forward guidance indicated that the policy rate will be “reduced further in the course of this year”. In its latest forecasts published at its prior June meeting, Norges Bank said it saw its policy rate ending 2025 “just below 4.00%”. Our Consensus is for the sight deposit rate to be reduced by around 50 basis points by end-December. Norges Bank is set to reconvene on 17 September, with its decision announced the following day; the September meeting will be accompanied by fresh Norges Bank forecasts, including for interest rates.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Norwegian interest rate projections for the next ten years from a panel of 15 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable interest rate forecast available for Norwegian interest rate.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Norwegian interest rate projections.
Want to get access to the full dataset of Norwegian interest rate forecasts? Send an email to info@focus-economics.com.
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