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May 25, 2026 at 07:36 UTC
🇳🇴

Norges Bank

NOK · Official Website

Latest Statement

🦅 Hawkish
Policy rate raised to 4.25%
2026-05-07

Norges Bank has raised the policy rate from 4% to 4.25% due to persistently high inflation and stronger-than-expected wage growth. The decision reflects ongoing uncertainties in the economic outlook, particularly related to external factors such as the war in the Middle East and its impact on commodity prices.

⚡ 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."

Economic Indicators

Policy Rate4.00%
USD/NOK9.7427
GDP Growth1.2%
M2 Growth-0.9%
10Y Yield4.29%
2y10y Spread+0.74%
HISTORICAL TRENDS
Policy Rate
4.504.00
FX Rate
9.759.54
CPI
5.761.29
GDP
3.91-1.28
10Y Yield
4.293.24
2Y-10Y Spread
Stance
10037.5

Key Commodities

Top traded commodities for Norway

Commodity Price 1D 30D
Brent Crude Oil 116.73 USD/barrel +2.4% -2.4%
Natural Gas (EU) 17.67 USD/MMBtu +57.9% +54.6%

Recent Statements

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
Policy rate kept unchanged at 4 percent ⚖️ Neutral
2025-12-18
⚡ Rate
↑0 ↓0 →1
🔮 Guidance
↑2 ↓2
📝 Classified Sentences
🔮 Guidance Hawkishmp_interest_rate
"A higher policy rate than currently envisaged may then be required."
🔮 Guidance Hawkishmp_inflation
"We will finish the job and ensure that inflation is brought all the way back to 2 percent."
🔮 Guidance Dovishmp_interest_rate
"The forecast is consistent with 1-2 rate cuts next year and a further reduction to somewhat above 3 percent towards the end of 2028."
🔮 Guidance Dovishmp_interest_rate
"If labour market conditions weaken more than expected or the outlook indicates that inflation will return to target faster, the policy rate may be lowered faster."
⚡ Rate Holdmp_interest_rate
"Norges Bank’s Monetary and Financial Stability Committee decided to keep the policy rate unchanged at 4 percent at its meeting on 17 December."
Policy rate kept unchanged at 4.5 percent 🦅 Hawkish
2025-05-08
⚡ Rate
↑0 ↓0 →2
🔮 Guidance
↑2 ↓1
📝 Classified Sentences
🔮 Guidance Hawkishmp_inflation
"If the policy rate is lowered prematurely, prices may continue to rise rapidly."
🔮 Guidance Hawkishmp_inflation
"The Committee judges that a restrictive monetary policy is still needed to bring inflation down to target within a reasonable time horizon."
🔮 Guidance Dovishmp_interest_rate
"There is uncertainty about future economic developments, but the Committee’s current assessment of the outlook implies that the policy rate will most likely be reduced in the course of 2025."
⚡ Rate Holdmp_interest_rate
"Norges Bank’s Monetary Policy and Financial Stability Committee decided to keep the policy rate unchanged at 4.5 percent at its meeting on 7 May."
⚡ Rate Holdmp_interest_rate
"The Committee has decided to keep the policy rate unchanged."
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