Norway Norges Bank Policy Interest Rate (Norway) - Historical Data
Historical time series of the Norway Norges Bank Policy Interest Rate set by the Norges Bank (NORGES) from 1986 to 2026. From 11 Jun 1993 onwards: official deposit facility rate; from 3 Mar 1986 to 10 Jun 1993 official credit facility rate. The latest benchmark reading is 4.50% (Sep 2026), corresponding to an ex-post real policy rate of +1.21% after adjusting for Norway headline CPI inflation (3.29%).
Current Statistics & Historical Records
Peak monetary tightening by Norges Bank (Norway Norges Bank Policy Interest Rate).
Lowest policy interest rate stance set by Norges Bank.
41 annual observations · Monthly
Norway Norges Bank Policy Interest Rate (Norway) (1986-2026)
% p.a.Drag to pan, scroll to zoom, or toggle between full archive (1986–2026) and recent monthly observations.
NORGES Policy Rate Averages by Decade
Decadal mean, peak, and trough across the 1986–2026 archive
| Decade | Years Covered | Decade Mean | Decade High (Year) | Decade Low (Year) |
|---|---|---|---|---|
| 1980s | 1986–1989 | 12.90% | 14.80% (1986) | 11.00% (1989) |
| 1990s | 1990–1999 | 6.70% | 11.00% (1992) | 3.50% (1997) |
| 2000s | 2000–2009 | 3.98% | 7.00% (2000) | 1.75% (2004) |
| 2010s | 2010–2019 | 1.20% | 2.00% (2010) | 0.50% (2016) |
| 2020s | 2020–2026 | 2.96% | 4.50% (2023) | 0.00% (2020) |
Complete Annual Historical Ledger (1986–2026)
Unit: % p.a. · Source: Bank for International Settlements (BIS) & Norges Bank (WS_CBPOL:M:NO)
| Year | Annual Value (% p.a.) | Real Policy Rate (CPI-Adj) | Intra-Year Range (Min – Max) | Monetary Regime & Historical Context |
|---|---|---|---|---|
| 2026 | 4.50% | +1.32% | 4.00% – 4.50% | - |
| 2025 | 4.00% | +0.96% | 4.00% – 4.50% | Post-tightening monetary recalibration across advanced and emerging central banks |
| 2024 | 4.50% | +1.31% | 4.50% – 4.50% | G10 policy rates peak and pivot toward gradual monetary normalization |
| 2023 | 4.50% | -1.02% | 2.75% – 4.50% | - |
| 2022 | 2.75% | -3.01% | 0.50% – 2.75% | Global inflation surge triggers fastest synchronized rate hiking cycle in four decades |
| 2021 | 0.50% | -2.97% | 0.00% – 0.50% | - |
| 2020 | 0.00% | -1.30% | 0.00% – 1.50% | COVID-19 pandemic emergency rate cuts and record balance sheet expansion |
| 2019 | 1.50% | -0.68% | 0.75% – 1.50% | - |
| 2018 | 0.75% | -1.99% | 0.50% – 0.75% | - |
| 2017 | 0.50% | -1.41% | 0.50% – 0.50% | - |
| 2016 | 0.50% | -3.04% | 0.50% – 0.75% | Bank of Japan introduces Yield Curve Control (YCC); post-Brexit BoE easing |
| 2015 | 0.75% | -1.40% | 0.75% – 1.25% | - |
| 2014 | 1.25% | -0.81% | 1.25% – 1.50% | ECB and European peers introduce Negative Interest Rate Policy (NIRP) |
| 2013 | 1.50% | -0.63% | 1.50% – 1.50% | - |
| 2012 | 1.50% | +0.81% | 1.50% – 1.75% | - |
| 2011 | 1.75% | +0.44% | 1.75% – 2.25% | European Sovereign Debt Crisis and Swiss franc safe-haven surge |
| 2010 | 2.00% | -0.41% | 1.75% – 2.00% | - |
| 2009 | 1.75% | -0.42% | 1.25% – 3.00% | - |
| 2008 | 3.00% | -0.75% | 3.00% – 5.75% | Global Financial Crisis drives major central banks to the zero lower bound and QE1 |
| 2007 | 5.25% | +4.48% | 3.75% – 5.25% | - |
| 2006 | 3.50% | +1.20% | 2.25% – 3.50% | - |
| 2005 | 2.25% | +0.74% | 1.75% – 2.25% | - |
| 2004 | 1.75% | +1.28% | 1.75% – 2.00% | - |
| 2003 | 2.25% | -0.27% | 2.25% – 6.00% | - |
| 2002 | 6.50% | +5.20% | 6.50% – 7.00% | - |
| 2001 | 6.50% | +3.51% | 6.50% – 7.00% | Dot-com bust and synchronized G10 monetary easing cycle |
| 2000 | 7.00% | +3.89% | 5.50% – 7.00% | - |
| 1999 | 5.50% | +3.16% | 5.50% – 7.50% | Launch of the Euro and establishment of the European Central Bank (ECB) |
| 1998 | 8.00% | +5.72% | 3.50% – 8.00% | - |
| 1997 | 3.50% | +0.96% | 3.25% – 3.50% | Asian Financial Crisis triggers emergency EM currency defense hikes |
| 1996 | 4.00% | +2.74% | 4.00% – 4.75% | - |
| 1995 | 4.75% | +2.30% | 4.75% – 4.75% | - |
| 1994 | 4.75% | +3.33% | 4.75% – 5.00% | Global bond market selloff and pre-emptive Federal Reserve tightening cycle |
| 1993 | 5.00% | +2.73% | 4.75% – 10.00% | - |
| 1992 | 11.00% | +8.65% | 10.00% – 17.00% | European Exchange Rate Mechanism (ERM) crisis and Black Wednesday |
| 1991 | 10.00% | +6.56% | 9.50% – 10.50% | - |
| 1990 | 10.50% | +6.43% | 10.50% – 11.00% | German reunification tightening and Japanese asset bubble peak |
| 1989 | 11.00% | +6.38% | 10.00% – 11.50% | - |
| 1988 | 12.00% | +5.41% | 12.00% – 13.80% | - |
| 1987 | 13.80% | +4.96% | 13.80% – 14.50% | Louvre Accord and Black Monday central bank liquidity provision |
| 1986 | 14.80% | +7.66% | 13.00% – 14.80% | - |
Frequently Asked Questions - NORGES Policy Rate
What is the current Norway Norges Bank Policy Interest Rate?
As of Sep 2026, the Norway Norges Bank Policy Interest Rate is 4.50% per annum. Adjusted for headline inflation (3.29%), the ex-post real policy rate in Norway stands at +1.21%.
What was the highest and lowest Norges Bank interest rate on record?
Across the 1986-2026 archive, the Norway Norges Bank Policy Interest Rate reached a record high of 17.00% in Nov 1992 and a record low of 0.00% in May 2020. The long-run annual mean is 4.66%.
What is the Norges Bank inflation target?
The Norges Bank operates with an official inflation target of 2.0% Operational Target. Its statutory mandate is: Maintain monetary stability and promote high and stable output and employment.
Source Metadata & Methodology Notes
- Primary Institution:
- Bank for International Settlements (BIS) & Norges Bank
- Dataset / Dataflow:
- BIS Central Bank Policy Rates (WS_CBPOL)
- Canonical Series ID:
- WS_CBPOL:M:NO
- Reuse & License:
- Terms of permitted use of BIS statistics
- Primary compilation: From 11 Jun 1993 onwards: official deposit facility rate; from 3 Mar 1986 to 10 Jun 1993 official credit facility rate.
- Reporting agency: Norges Bank; harmonized and disseminated via the BIS WS_CBPOL statistical dataflow.
- Annual table values represent the year-end (December or latest available month) policy rate reading; minimum and maximum columns record the intra-year policy rate corridor.
- Ex-Post Real Policy Rate series is computed as Nominal Policy Rate (% p.a.) minus contemporaneous year-on-year Headline CPI Inflation (% from BIS WS_LONG_CPI).
Cite This Dataset (APA & BibTeX)
@misc{cbd_cbpol_norway,
author = {CentralBankData.com},
title = {Norway Norges Bank Policy Interest Rate (Norway)},
note = {Compiled from Bank for International Settlements WS_CBPOL:M:NO},
year = {2026},
url = {https://centralbankdata.com/norway-norges-bank-interest-rate}
}