Interest Rate in Norway

Norway Interest Rate | Economic News & Forecasts

Norway - Interest Rate

Norges Bank slows the pace of tightening in November

At its 2 November meeting, the Executive Board of Norges Bank unanimously voted to deliver a 25 basis point increase and bring the sight deposit rate to 2.50%–its highest level since February 2009. The move, which was priced in by markets, comes on the heels of September’s 50 basis point increase and marks a slowdown in the pace of policy tightening.

The decision was driven by a stronger-than-anticipated increase in inflation, which continued to accelerate further above Norges Bank’s 2.0% target in September. Moreover, the labor market is tighter than the Bank had projected. However, some areas of the economy have started to slow down, and the Bank expects lower energy and freight prices to help cool inflation ahead. Norges Bank noted that the effects of its aggressive policy tightening are starting to reflect in the economy, allowing it to raise rates more gradually.

In terms of forward guidance, Norges Bank hinted the sight deposit rate will likely be raised again at its final monetary policy committee meeting of the year, scheduled for 15 December.

FocusEconomics Consensus Forecast panelists are currently revising their forecasts in line with the latest developments.

Norway - Interest Rate Data

2015   2016   2017   2018   2019  
Policy Interest Rate (%)0.75  0.50  0.50  0.75  1.50  

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Norway Interest Rate Chart

Norway Interest Rate
Note: Sight Deposit Rate in %.
Source: Norway Central Bank.

Norway Facts

Value Change Date
Bond Yield1.58-0.65 %Jan 01
Exchange Rate8.78-0.38 %Jan 01

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