Hold had been penciled in by markets: At its 20 August meeting, the Riksbank left its policy rate unchanged at...
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 2025.
Source: Macrobond.
Norway Interest Rate Data
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Sight Deposit Rate (%, eop) | 0.50 | 2.75 | 4.50 | 4.50 | 4.00 |
| 3-Month NIBOR (%, eop) | 0.95 | 3.26 | 4.73 | 4.68 | 4.07 |
| 10-Year Bond Yield (%, eop) | 1.71 | 3.20 | 3.24 | 3.84 | 4.10 |
Norges Bank holds rates in August
Markets had anticipated a hold: At its meeting on 13 August, Norges Bank held rates at 4.25% for a second straight meeting, following May’s 25 basis point hike. The hold had been expected by markets.
Time needed to assess inflation outlook: Norges Bank decided not to cut rates because both headline and core inflation remained above its 2.0% target through July. Moreover, wage pressures remain high. Still, the Bank opted against raising the policy rate as price pressures were lower than expected in July and policymakers are keen to avoid slowing the economy.
Rate hikes remain on the table for 2026: Looking ahead, Norges Bank has kept the door open for further tightening, noting that the rate path will hinge on incoming data on inflation, economic activity and labor-market data ahead of its 24 September decision. The Bank’s June projection still points to a policy rate "somewhat above 4.5%" by year-end, and that hasn't been revised despite the summer's softer inflation print. Accordingly, most of our panelists expect one final 25 basis point hike to close that gap by year-end, while a couple see the Bank staying on hold.
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 12 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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