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Norges Bank

NOK · Official Website

Latest Statement

🦅 Hawkish

2026-09-24

Norges Bank raised its policy rate from 4.25% to 4.50% in September to combat persistent inflation that has remained above the 2% target for several years. The central bank signaled it is prepared to raise rates further if needed and will maintain an elevated policy rate for an extended period to bring inflation back to target within a reasonable timeframe.

Policy rate increased by 25 basis points to 4.50%, with Governor Ida Wolden Bache emphasizing the need for a tighter monetary policy stance to combat above-target inflation
Norges Bank is prepared to raise rates further if necessary, signaling a hawkish bias and commitment to maintaining elevated rates for an extended period
While underlying inflation (CPI-ATE) has moderated and been lower than expected, the medium-term inflation outlook has not changed materially, and business cost pressures are expected to keep inflation elevated
The Committee is concerned about inflation expectations becoming unanchored; high inflation over time could lead households and firms to plan for persistently high inflation, making it stickier and harder to reduce

⚡ Rate

↑1 ↓0 →0

🔮 Guidance

↑2 ↓0

📝 Classified Sentences

⚡ Rate Hikemp_interest_rate

"The Committee decided to raise the policy rate from 4.25% to 4.50%."

🔮 Guidance Hawkishmp_interest_rate

"It will likely be necessary to keep the policy rate elevated for a time, and the Committee is prepared to raise the policy rate further if needed to bring inflation down to the 2% target within a reasonable time horizon."

🔮 Guidance Hawkishmp_interest_rate

"The Committee is prepared to raise the policy rate further if warranted by the inflation outlook."

Economic Indicators

Policy Rate	4.50%
USD/NOK	9.7427
GDP Growth	1.3%
M2 Growth	-0.9%
10Y Yield	4.29%
2y10y Spread	+0.74%

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	125.44 USD/barrel	-0.1%	+35.3%
Natural Gas (EU)	17.93 USD/MMBtu	+18.8%	+88.1%

Recent Statements

Policy rate kept unchanged at 4.25 percent 🦅 Hawkish

2026-08-13

⚡ 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."

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

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