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Norges Bank Interest Rate Decision
The Monetary Policy and Financial Stability Committee sets the policy rate. The next decision is on Thursday, November 5, 2026 at 10:00 AM GMT+1; economists expect: hold at 4.50%.
Figures as of Nov 3, 2026, 8:20 AM UTC.
Norges Bank interest rate decision on Nov 5, 2026
Norges Bank · Monetary Policy and Financial Stability Committee
- Oslo
- Thu, Nov 5 · 10:00 AM GMT+1
- New York
- Thu, Nov 5 · 4:00 AM EST
- London
- Thu, Nov 5 · 9:00 AM London
- UTC
- Thu, Nov 5 · 9:00 AM UTC
- Your time
- 9:00 AM UTC
- Press conference
- None listed
- Projections
- No projections this time
- Expected
- Hold at 4.50%
Where to look, not a promise: most days one of the two plays and some days neither does. Levels from real 15-minute candles.
How EUR/NOK reacts to Norges Bank decision
Measured on one-minute candles, every decision since January 2025, the same way each time. How we measure.
In 8 of 14 measured Norges Bank decisions the first spike closed back inside the hour-before range within 60 minutes, and in 3 of those price then took the other side within four hours. In the other 6 (43%) the first move held. In 1 of them price did not leave the hour-before range in the first 30 minutes. The median move in the first 15 minutes was 280 pips.
| Date | Decision | Against expected | Hour before | First side | Closed back | After 60 min |
|---|---|---|---|---|---|---|
| Sep 24, 2026 | ▲ hike 4.50% | as expected | 145 pips | ▼ 619 pips | 35 min | −298 pips |
| Aug 13, 2026 | ■ hold 4.25% | as expected | 247 pips | ▼ 141 pips | 5 min | +498 pips |
| Jun 18, 2026 | ■ hold 4.25% | as expected | 160 pips | ▲ 114 pips | 10 min | +351 pips |
| May 7, 2026 | ▲ hike 4.25% | 25 bp more hawkish than expected | 521 pips | ▼ 378 pips | No | −245 pips |
| Mar 26, 2026 | ■ hold 4.00% | as expected | 267 pips | ▼ 127 pips | 5 min | +9.6 pips |
| Jan 22, 2026 | ■ hold 4.00% | as expected | 413 pips | None | — | −73 pips |
| Dec 18, 2025 | ■ hold 4.00% | as expected | 351 pips | ▼ 414 pips | No | −355 pips |
| Nov 6, 2025 | ■ hold 4.00% | as expected | 195 pips | ▼ 180 pips | No | −199 pips |
| Sep 18, 2025 | ▼ cut 4.00% | as expected | 240 pips | ▲ 71 pips | 5 min | −423 pips |
| Aug 14, 2025 | ■ hold 4.25% | as expected | 320 pips | ▼ 232 pips | No | −289 pips |
| Jun 19, 2025 | ▼ cut 4.25% | 25 bp more dovish than expected | 230 pips | ▲ 1095 pips | No | +341 pips |
| May 8, 2025 | ■ hold 4.50% | as expected | 341 pips | ▼ 3.1 pips | 25 min | −140 pips |
| Mar 27, 2025 | ■ hold 4.50% | as expected | 316 pips | ▼ 382 pips | 15 min | −180 pips |
| Jan 23, 2025 | ■ hold 4.50% | as expected | 164 pips | ▼ 29 pips | 5 min | +239 pips |
Counts include the decisions where the first spike did not close back. Up and down are the pair EUR/NOK. Past reactions describe what happened; they are not a forecast.
Norges Bank rate decisions since 2024
Every Norges Bank decision on the policy rate since 2024, newest first. Between 4.00% and 4.50% over the period. The full Norges Bank rate history since 2008 has every decision, the cycles and a CSV.
| Date | Decision | Rate | Expected | Previous | Change |
|---|---|---|---|---|---|
| Sep 24, 2026 | ▲ hike | 4.50% | Hike 25 bp to 4.50% | 4.25% | +25 bp |
| Aug 13, 2026 | ■ hold | 4.25% | Hold at 4.25% | 4.25% | 0 bp |
| Jun 18, 2026 | ■ hold | 4.25% | Hold at 4.25% | 4.25% | 0 bp |
| May 7, 2026 | ▲ hike | 4.25% | Hold at 4.00% | 4.00% | +25 bp |
| Mar 26, 2026 | ■ hold | 4.00% | Hold at 4.00% | 4.00% | 0 bp |
| Jan 22, 2026 | ■ hold | 4.00% | Hold at 4.00% | 4.00% | 0 bp |
| Dec 18, 2025 | ■ hold | 4.00% | Hold at 4.00% | 4.00% | 0 bp |
| Nov 6, 2025 | ■ hold | 4.00% | Hold at 4.00% | 4.00% | 0 bp |
| Sep 18, 2025 | ▼ cut | 4.00% | Cut 25 bp to 4.00% | 4.25% | −25 bp |
| Aug 14, 2025 | ■ hold | 4.25% | Hold at 4.25% | 4.25% | 0 bp |
| Jun 19, 2025 | ▼ cut | 4.25% | Hold at 4.50% | 4.50% | −25 bp |
| May 8, 2025 | ■ hold | 4.50% | Hold at 4.50% | 4.50% | 0 bp |
| Mar 27, 2025 | ■ hold | 4.50% | Hold at 4.50% | 4.50% | 0 bp |
| Jan 23, 2025 | ■ hold | 4.50% | Hold at 4.50% | 4.50% | 0 bp |
| Dec 19, 2024 | ■ hold | 4.50% | Hold at 4.50% | 4.50% | 0 bp |
| Nov 7, 2024 | ■ hold | 4.50% | Hold at 4.50% | 4.50% | 0 bp |
| Sep 19, 2024 | ■ hold | 4.50% | Hold at 4.50% | 4.50% | 0 bp |
| Aug 15, 2024 | ■ hold | 4.50% | Hold at 4.50% | 4.50% | 0 bp |
| Jun 20, 2024 | ■ hold | 4.50% | Hold at 4.50% | 4.50% | 0 bp |
| May 3, 2024 | ■ hold | 4.50% | — | 4.50% | 0 bp |
| Mar 21, 2024 | ■ hold | 4.50% | Hold at 4.50% | 4.50% | 0 bp |
| Jan 25, 2024 | ■ hold | 4.50% | Hold at 4.50% | 4.50% | 0 bp |
How the Monetary Policy and Financial Stability Committee decides
Norges Bank · Norway
- Meetings
- Eight scheduled meetings a year, roughly every six weeks.
- Announcement
- The decision is published at 10:00 am Oslo time.
- Press conference
- A press conference at 10:30 am follows the meetings that come with a Monetary Policy Report. The bank's calendar lists each one.
- Projections
- The Monetary Policy Report, with the bank's own path for the rate, comes out four times a year.
- Who votes
- Five members: the Governor, the two Deputy Governors and two external members.
Check times against the bank's own calendar.
- The decision against what was expected.
- The rate path in the Monetary Policy Report: it shows where the committee itself expects the rate to go.
- What the statement says about the krone and about the next meeting.
Which way EUR/NOK moves. NOK is the second currency in EUR/NOK, so a hawkish surprise (a bigger hike, a smaller cut, a hold when a cut was expected) tends to push EUR/NOK down, and a dovish one to push it up.
Norges Bank meeting dates 2026 and 2027
Will Norges Bank raise or cut rates? · Norges Bank rate odds by meeting. Every upcoming Norges Bank interest rate decision. Times in Oslo and New York; your own time is on each decision's page. By year: Norges Bank meeting dates 2025 · Norges Bank meeting dates 2026 · Norges Bank meeting dates 2027.
Norges Bank interest rate decision: questions
What time is Norges Bank interest rate decision?
10:00 am Oslo time. A press conference at 10:30 am follows the meetings that come with a Monetary Policy Report.
When is the next Norges Bank meeting?
The next Norges Bank interest rate decision is on Thursday, November 5, 2026 at 10:00 AM GMT+1. Times are in Oslo time; the meeting dates below give the rest of the schedule.
What is Norges Bank interest rate now?
The policy rate is 4.50%. The last change was an increase of 25 bp on Sep 24, 2026.
How does Norges Bank decision move EUR/NOK?
In 8 of 14 measured Norges Bank decisions the first spike closed back inside the hour-before range within 60 minutes, and in 3 of those price then took the other side within four hours. In the other 6 (43%) the first move held. In 1 of them price did not leave the hour-before range in the first 30 minutes. The median move in the first 15 minutes was 280 pips. NOK is the second currency in EUR/NOK, so a hawkish surprise (a bigger hike, a smaller cut, a hold when a cut was expected) tends to push EUR/NOK down, and a dovish one to push it up. Past reactions describe what happened, not what will.
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