Norway skyline at night

Norway Interest Rate

Norway Interest Rate

Sight Deposit Rate in Norway

The Sight Deposit Rate ended 2022 at 2.75%, up with the 0.50% end-2021 value and up with the reading of 1.50% a decade earlier. For reference, the average deposit rate in the region was not provided. For more interest rate information, visit our dedicated page.

Norway Interest Rate Chart

Note: This chart displays Policy Interest Rate (%) for Norway from 2014 to 2023.
Source: Norges Bank.

Norway Interest Rate Data

2018 2019 2020 2021 2022
Sight Deposit Rate (%, eop) 0.75 1.50 0.00 0.50 2.75
3-Month NIBOR (%, eop) 1.27 1.84 0.49 0.95 3.26
10-Year Bond Yield (%, eop) 1.79 1.55 0.96 1.71 3.20

Norges Bank stays put in March, meeting expectations

At its 20 March meeting, the Executive Board of Norges Bank unanimously voted to hold fire again and leave the policy rate at a 16-year high of 4.50%, as it did had January. The hold had been priced in by markets—the Bank did not deviate from the previously announced policy path—and followed a cumulative 450 basis points of hikes since September 2021.

The decision was driven by the Bank’s assessment that the policy rate must remain elevated to bring “inflation back to target within a reasonable time horizon.” In particular, while having eased further through February, both headline and core inflation remain far above Norges Bank’s 2.0% target. Moreover, the Bank noted that upside pressures to inflation remain, namely a weak krona and robust wage growth.

Norges Bank’s forward policy guidance mirrored January’s tone and suggested it will once again hold fire when it convenes next on 2 May: The Bank stated that the policy rate will “likely be kept at that level for some time ahead.” That said, the Bank stands ready to either hike the rate further or begin cutting rates sooner, depending on changes to its baseline scenario. Over half of our panelists see the first cut in Q2, while the rest have penciled it in for Q3.

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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