🇳🇴

Norges Bank

NOK · Official Website

Latest Statement

🦅 Hawkish

Policy rate kept unchanged at 4.25 percent

2026-08-13

Norges Bank has decided to maintain the policy rate at 4.25% due to slower-than-expected inflation, although inflation remains above target levels. The central bank acknowledges the need for a restrictive monetary policy stance to ensure inflation returns to target while being cautious not to overly restrict economic activity.

Inflation has slowed to 3.0% in July but remains above the target, indicating the potential need for future rate increases.
Capacity utilization in the economy is close to normal levels, but recent trends suggest a downward drift.
The Committee emphasizes the importance of a restrictive monetary policy to manage inflation expectations and prevent persistent high inflation.

⚡ Rate

↑0 ↓0 →1

🔮 Guidance

↑3 ↓0

📝 Classified Sentences

🔮 Guidance Hawkishmp_interest_rate

"It may thus still become necessary to raise the policy rate"

🔮 Guidance Hawkishmp_interest_rate

"At the monetary policy meeting in June, the Committee’s assessment was that it would likely be necessary to raise the policy rate further at one of the forthcoming monetary policy meetings."

🔮 Guidance Hawkishmp_interest_rate

"The Committee judges that a restrictive monetary policy stance is still needed to bring inflation down to target within a reasonable time horizon."

⚡ Rate Holdmp_interest_rate

"Norges Bank’s Monetary Policy and Financial Stability Committee decided to keep the policy rate unchanged at 4.25% at its meeting on 12 August."

Economic Indicators

Policy Rate	4.25%
USD/NOK	9.7427
GDP Growth	1.3%
M2 Growth	-0.9%
10Y Yield	4.20%
2y10y Spread	+0.65%

HISTORICAL TRENDS

Policy Rate

FX Rate

CPI

GDP

10Y Yield

2Y-10Y Spread

Stance

Key Commodities

Top traded commodities for Norway

Commodity	Price	1D	30D
Brent Crude Oil	88.24 USD/barrel	-4.8%	+5.4%
Natural Gas (EU)	17.93 USD/MMBtu	+18.8%	+88.1%

Recent Statements

Policy rate kept unchanged at 4.25 percent 🦅 Hawkish

2026-06-18

⚡ Rate

↑0 ↓0 →1

🔮 Guidance

↑6 ↓1

📝 Classified Sentences

🔮 Guidance Hawkishmp_interest_rate

"There is uncertainty about future economic developments, but the Committee’s current assessment of the outlook implies that it will likely be necessary to raise the policy rate further at one of the forthcoming monetary policy meetings."

🔮 Guidance Hawkishmp_interest_rate

"We expect that a somewhat tighter monetary policy stance will be needed to bring inflation down to target within a reasonable time horizon."

🔮 Guidance Hawkishmp_interest_rate

"If developments turn out as currently envisaged, the policy rate will be raised at one of the forthcoming monetary policy meetings"

🔮 Guidance Hawkishmp_interest_rate

"The Committee judges that a restrictive monetary policy stance is necessary."

🔮 Guidance Hawkishmp_interest_rate

"A somewhat tighter monetary policy stance will likely be needed to return inflation to target within a reasonable time horizon."

+3 more sentences

Policy rate raised to 4.25% 🦅 Hawkish

2026-05-07

⚡ Rate

↑2 ↓0 →0

🔮 Guidance

↑1 ↓0

📝 Classified Sentences

⚡ Rate Hikemp_interest_rate

"Norges Bank’s Monetary Policy and Financial Stability Committee decided to raise the policy rate from 4% to 4.25% at its meeting on 6 May."

⚡ Rate Hikemp_interest_rate

"The Committee judged it appropriate to raise the policy rate at this meeting."

🔮 Guidance Hawkishmp_interest_rate

"The policy rate forecast presented in March indicated an increase in the policy rate to between 4¼% and 4½% by the end of the year."

Policy rate kept unchanged at 4% 🦅 Hawkish

2026-03-26

⚡ Rate

↑0 ↓1 →3

🔮 Guidance

↑7 ↓1

📝 Classified Sentences

🔮 Guidance Hawkishmp_interest_rate

"The Committee’s current assessment of the inflation outlook implies that it will likely be appropriate to raise the policy rate at one of the forthcoming monetary policy meetings."

🔮 Guidance Hawkishmp_interest_rate

"The Committee judges that it will likely be necessary to raise the policy rate at one of the forthcoming monetary policy meetings."

🔮 Guidance Hawkishmp_interest_rate

"The Committee judges that a tighter monetary policy stance is needed to return inflation to target within a reasonable time horizon."

🔮 Guidance Hawkishmp_interest_rate

"The inflation outlook indicates that an increase in the policy rate will likely be required."

🔮 Guidance Hawkishmp_interest_rate

"The outlook is associated with substantial uncertainty, but if the economy evolves broadly as currently envisaged, the policy rate will likely be raised at one of the forthcoming meetings."

+7 more sentences

Policy rate kept unchanged at 4 percent 🕊️ Dovish

2026-01-22

⚡ Rate

↑0 ↓0 →2

🔮 Guidance

↑3 ↓4

📝 Classified Sentences

🔮 Guidance Hawkishmp_interest_rate

"We are not in a hurry to reduce the policy rate further."

🔮 Guidance Hawkishmp_inflation

"If the policy rate is lowered too quickly, inflation could remain above target for too long."

🔮 Guidance Hawkishmp_interest_rate

"A higher policy rate than envisaged at that time may then be required."

🔮 Guidance Dovishmp_interest_rate

"The outlook is uncertain, but if the economy evolves broadly as currently envisaged, the policy rate will be reduced further in the course of the year."

🔮 Guidance Dovishmp_interest_rate

"The policy rate forecast presented in December was consistent with one to two rate cuts in the course of 2026."

+4 more sentences

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