Third straight hike: At its May meeting, the Central Bank decided to hike the cash rate from 4.10% to 4.35%,...
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 | 4.17 |
| 10-Year Bond Yield (%, eop) | 1.71 | 3.20 | 3.24 | 3.84 | 4.10 |
Norges Bank leaves rates unchanged in March
Norges Bank stays put again as expected: At its meeting on 25 March, Norges Bank kept its sight deposit rate at 4.00% for a fourth consecutive meeting. The hold had been priced in by markets.
Inflation outlook deteriorates on the Iran war: The Central Bank's decision not to cut interest rates was primarily driven by inflation having remained above its 2.0% target for an extended period of time and expectations of higher-than-previously-anticipated price pressures ahead. The Bank noted that the outbreak of the war in the Middle East in late February has pushed up oil and gas prices, which coupled with higher-than-previously-expected wage growth, will likely prop up price pressures ahead. On the flipside, a rate hike wasn’t yet warranted as the Bank wished to first gather more information about how much the war will affect prices.
Norges Bank brings 2026 rate hikes to the table: Norges Bank said that if the economy evolves according to its current projections, it will likely hike its policy rate this year, contrasting previous guidance of cuts. Norges Bank will reconvene on 6 May, with the decision to be announced the following day.
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 17 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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