🇳🇴

Norges Bank

NOK · Official Website

Latest Statement

🦅 Hawkish

Policy rate kept unchanged at 4.25 percent

2026-06-18

Norges Bank has decided to keep the policy rate unchanged at 4.25 percent, citing ongoing uncertainty in economic developments. However, the Committee anticipates that a tighter monetary policy may be necessary in the near future to combat persistently high inflation, which is currently above target.

Inflation remains elevated and is expected to require a tighter monetary policy to return to target levels.
The Committee noted stronger-than-expected inflation pressures and indicated a possible rate increase at upcoming meetings.
Wage growth expectations for 2027 have risen slightly, reflecting concerns about long-term inflation persistence.

⚡ 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."

🔮 Guidance Hawkishmp_interest_rate

"A higher policy rate than currently envisaged may then be required."

🔮 Guidance Dovishmp_interest_rate

"If labour market conditions become weaker than projected or inflation pressures ease faster, the policy rate may become lower than currently envisaged."

⚡ Rate Holdmp_interest_rate

"Norges Bank’s Monetary Policy and Financial Stability Committee decided to keep the policy rate unchanged at 4.25 percent at its meeting on 17 June."

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	81.62 USD/barrel	+9.8%	-17.0%
Natural Gas (EU)	15.09 USD/MMBtu	-6.6%	+33.5%

Recent Statements

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

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."

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