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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 holds fire in January, meeting expectations

At its first scheduled meeting of 2024 on 24 January, the Executive Board of Norges Bank unanimously voted to leave the policy rate at a 16-year high of 4.50%. The move, which came on the heels of December’s surprise hike, had been priced in by markets, as the Bank did not deviate from the announced policy path. It has raised interest rates by a cumulative 450 basis points since September 2021.

The decision to hold was driven by the Bank’s assessment that inflation remains markedly above its “close to 2.0%” target. Past policy moves have succeeded in delivering the desired effect: Core inflation declined further in December and economic activity has cooled. The Bank’s assessment is that the current policy rate level is sufficient to consolidate both headline and core inflation’s downward trends and bring them to target “within a reasonable time horizon”.

Norges Bank suggested it would leave the policy rate at its current level when it convenes next on 20 March. In its communiqué, the Bank’s forward guidance stated that the policy rate “will likely be kept at that level for some time ahead”, likely until autumn, given the current balance of risks. The Bank stated it stood ready to either bring forward or delay the beginning of the loosening cycle, depending on changes to its baseline scenario. Half of our panelists expect the first rate cut as early as Q2, while the other half expects it in 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 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

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