Norway policy interest rate
The sight deposit rate (styringsrenten) — the interest rate on banks' sight deposits up to a quota at Norges Bank — set by the Monetary Policy and Financial Stability Committee under the Sentralbankloven (Central Bank Act, 2019). Norway has its own currency (NOK) and central bank; it is NOT in the eurozone and NOT an EU member. Rate is normally reviewed at eight monetary policy meetings a year, four of which accompany a Monetary Policy Report.
| Current value | 4.25 percent |
|---|---|
| In force from | 2026-05-08 |
| Official source | Norges Bank — Rate decision May 2026 (meeting 6 May 2026): policy rate RAISED by 0.25pp from 4.0% to 4.25%, effective from 8 May 2026. 'A higher policy rate is needed to return inflation to target within a reasonable time horizon.' |
| Last verified | 2026-07-23 |
| Verification | primary — No verification limitation recorded — read from the official source cited. |
| Provenance | source fingerprint |
What this value means
DIRECTION CORRECTION vs a naive read: after two cuts in 2025 (to 4.0%), Norges Bank REVERSED and HIKED in 2026. The 6 May 2026 meeting raised the rate 25bps to 4.25% (effective 8 May 2026) — the first increase in this cycle. Held unchanged at the 17-18 June 2026 meeting (effective from 19 June 2026), where the Committee signalled a further increase to come: Governor Ida Wolden Bache said 'the policy rate will be raised at one of the forthcoming monetary policy meetings.' Rationale: inflation is too high (headline KPI was 3.1% in May 2026, 2.7% in June 2026) versus the 2% target, with the Bank aiming to reach target by ~2029. The May/June 2026 decisions are the latest as of confirmation. Norges Bank applies a new rate from the first business day after the announcement (hence the 8 May and 19 June effective dates given by the Bank). All meetings: https://www.norges-bank.no/en/topics/monetary-policy/
Earlier values
| From | Value | Source |
|---|---|---|
| 2018-01-02 | 0.5 | Bank for International Settlements - Central Bank Policy Rat |
| 2018-09-21 | 0.75 | Bank for International Settlements - Central Bank Policy Rat |
| 2019-03-22 | 1 | Bank for International Settlements - Central Bank Policy Rat |
| 2019-06-21 | 1.25 | Bank for International Settlements - Central Bank Policy Rat |
| 2019-09-20 | 1.5 | Bank for International Settlements - Central Bank Policy Rat |
| 2020-03-16 | 1 | Bank for International Settlements - Central Bank Policy Rat |
| 2020-03-23 | 0.25 | Bank for International Settlements - Central Bank Policy Rat |
| 2020-05-08 | 0 | Bank for International Settlements - Central Bank Policy Rat |
| 2021-09-24 | 0.25 | Bank for International Settlements - Central Bank Policy Rat |
| 2021-12-17 | 0.5 | Bank for International Settlements - Central Bank Policy Rat |
| 2022-03-25 | 0.75 | Bank for International Settlements - Central Bank Policy Rat |
| 2022-06-24 | 1.25 | Bank for International Settlements - Central Bank Policy Rat |
Get it programmatically
curl https://euroref.dev/v1/no/policy-rate
# $0.001 per call — x402 on Base (USDC). No key, no signup.
# History: curl https://euroref.dev/v1/no/policy-rate/history?from=2020-01-01
# Provenance: curl https://euroref.dev/provenance/no/policy-rateOther Norway series: VAT rate · minimum wage · public holidays · inflation rate (CPI) · corporate tax rate · income tax rates · official exchange rates