> Norges Bank Interest Rate Decision: Next Meeting Nov 5, 2026 > Source: https://interestratedecision.com/norges/ · Content last changed: 2026-11-02 > InterestRateDecision.com: free to quote with a link to the page above. Norges Bank interest rate: 4.50%, last move +25 bp on Sep 24, 2026. Next decision Nov 5, 2026, 10:00 AM GMT+1; expected: hold at 4.50%. Dates, times, and… # 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, 10:15 AM UTC. Rate now **4.50%** policy rate Last move **+25 bp** ▲ hike · Sep 24, 2026 Next decision **Thu, Nov 5** in 1d 22h · 10:00 AM GMT+1 Expected **Hold at 4.50%** economists’ consensus [Cut **6%** Hold **91%** Hike **4%**](https://interestratedecision.com/norges/rate-odds/) Next decision ## Norges Bank interest rate decision on Nov 5, 2026 Norges Bank · Monetary Policy and Financial Stability Committee [Preview and EUR/NOK projection](https://interestratedecision.com/norges/november-2026/) 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% A ▼ Runs 10.42063 (Tue, Nov 3 high), closes back, then 10.33538 B ▲ Runs 10.33538 (Tue, Nov 3 low), closes back, then 10.42063 Where to look, not a promise: most days one of the two plays and some days neither does. Levels from real 15-minute candles. [Vote on the next decision →](https://interestratedecision.com/norges/november-2026/#vote) What price does ## 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](https://interestratedecision.com/about/#method). **14**decisions measured **8/14**closed back inside the hour-before range within the hour **3/14**then took the other side within four hours (3 of the 8 that closed back) **280pips**median move in the first 15 minutes 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. EUR/NOK · one-minute candles · Oslo time **Latest measured: Sep 24, 2026, raised 25 bp to 4.50%, as expected** [Open this decision →](https://interestratedecision.com/norges/september-2026/) | Date | Decision | Against expected | Hour before | First side | Closed back | After 60 min | | --- | --- | --- | --- | --- | --- | --- | | [**Sep 24, 2026**](https://interestratedecision.com/norges/september-2026/) | ▲ hike 4.50% | as expected | 145 pips | ▼ 619 pips | 35 min | −298 pips | | [**Aug 13, 2026**](https://interestratedecision.com/norges/august-2026/) | ■ hold 4.25% | as expected | 247 pips | ▼ 141 pips | 5 min | +498 pips | | [**Jun 18, 2026**](https://interestratedecision.com/norges/june-2026/) | ■ hold 4.25% | as expected | 160 pips | ▲ 114 pips | 10 min | +351 pips | | [**May 7, 2026**](https://interestratedecision.com/norges/may-2026/) | ▲ hike 4.25% | 25 bp more hawkish than expected | 521 pips | ▼ 378 pips | No | −245 pips | | [**Mar 26, 2026**](https://interestratedecision.com/norges/march-2026/) | ■ hold 4.00% | as expected | 267 pips | ▼ 127 pips | 5 min | +9.6 pips | | [**Jan 22, 2026**](https://interestratedecision.com/norges/january-2026/) | ■ hold 4.00% | as expected | 413 pips | None | — | −73 pips | | [**Dec 18, 2025**](https://interestratedecision.com/norges/december-2025/) | ■ hold 4.00% | as expected | 351 pips | ▼ 414 pips | No | −355 pips | | [**Nov 6, 2025**](https://interestratedecision.com/norges/november-2025/) | ■ hold 4.00% | as expected | 195 pips | ▼ 180 pips | No | −199 pips | | [**Sep 18, 2025**](https://interestratedecision.com/norges/september-2025/) | ▼ cut 4.00% | as expected | 240 pips | ▲ 71 pips | 5 min | −423 pips | | [**Aug 14, 2025**](https://interestratedecision.com/norges/august-2025/) | ■ hold 4.25% | as expected | 320 pips | ▼ 232 pips | No | −289 pips | | [**Jun 19, 2025**](https://interestratedecision.com/norges/june-2025/) | ▼ cut 4.25% | 25 bp more dovish than expected | 230 pips | ▲ 1095 pips | No | +341 pips | | [**May 8, 2025**](https://interestratedecision.com/norges/may-2025/) | ■ hold 4.50% | as expected | 341 pips | ▼ 3.1 pips | 25 min | −140 pips | | [**Mar 27, 2025**](https://interestratedecision.com/norges/march-2025/) | ■ hold 4.50% | as expected | 316 pips | ▼ 382 pips | 15 min | −180 pips | | [**Jan 23, 2025**](https://interestratedecision.com/norges/january-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. Recent decisions ## 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](https://interestratedecision.com/norges/rate-history/) has every decision, the cycles and a CSV. policy rate since 2024 | Date | Decision | Rate | Expected | Previous | Change | | --- | --- | --- | --- | --- | --- | | [**Sep 24, 2026**](https://interestratedecision.com/norges/september-2026/) | ▲ hike | **4.50%** | Hike 25 bp to 4.50% | 4.25% | +25 bp | | [**Aug 13, 2026**](https://interestratedecision.com/norges/august-2026/) | ■ hold | **4.25%** | Hold at 4.25% | 4.25% | 0 bp | | [**Jun 18, 2026**](https://interestratedecision.com/norges/june-2026/) | ■ hold | **4.25%** | Hold at 4.25% | 4.25% | 0 bp | | [**May 7, 2026**](https://interestratedecision.com/norges/may-2026/) | ▲ hike | **4.25%** | Hold at 4.00% | 4.00% | +25 bp | | [**Mar 26, 2026**](https://interestratedecision.com/norges/march-2026/) | ■ hold | **4.00%** | Hold at 4.00% | 4.00% | 0 bp | | [**Jan 22, 2026**](https://interestratedecision.com/norges/january-2026/) | ■ hold | **4.00%** | Hold at 4.00% | 4.00% | 0 bp | | [**Dec 18, 2025**](https://interestratedecision.com/norges/december-2025/) | ■ hold | **4.00%** | Hold at 4.00% | 4.00% | 0 bp | | [**Nov 6, 2025**](https://interestratedecision.com/norges/november-2025/) | ■ hold | **4.00%** | Hold at 4.00% | 4.00% | 0 bp | | [**Sep 18, 2025**](https://interestratedecision.com/norges/september-2025/) | ▼ cut | **4.00%** | Cut 25 bp to 4.00% | 4.25% | −25 bp | | [**Aug 14, 2025**](https://interestratedecision.com/norges/august-2025/) | ■ hold | **4.25%** | Hold at 4.25% | 4.25% | 0 bp | | [**Jun 19, 2025**](https://interestratedecision.com/norges/june-2025/) | ▼ cut | **4.25%** | Hold at 4.50% | 4.50% | −25 bp | | [**May 8, 2025**](https://interestratedecision.com/norges/may-2025/) | ■ hold | **4.50%** | Hold at 4.50% | 4.50% | 0 bp | | [**Mar 27, 2025**](https://interestratedecision.com/norges/march-2025/) | ■ hold | **4.50%** | Hold at 4.50% | 4.50% | 0 bp | | [**Jan 23, 2025**](https://interestratedecision.com/norges/january-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 it works ## 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](https://www.norges-bank.no/en/news-events/calendar/). What to watch - 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. Calendar ## Norges Bank meeting dates 2026 and 2027 [Will Norges Bank raise or cut rates?](https://interestratedecision.com/norges/will-norges-bank-raise-rates/) · [Norges Bank rate odds by meeting](https://interestratedecision.com/norges/rate-odds/). 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](https://interestratedecision.com/norges/meeting-dates-2025/) · [Norges Bank meeting dates 2026](https://interestratedecision.com/norges/meeting-dates-2026/) · [Norges Bank meeting dates 2027](https://interestratedecision.com/norges/meeting-dates-2027/). [Download .ics](https://interestratedecision.com/norges.ics) [Subscribe (webcal)](webcal://interestratedecision.com/norges.ics) | Date | Oslo time | New York | Expected | With projections | | | --- | --- | --- | --- | --- | --- | | **Thu, Nov 5, 2026** | 10:00 AM GMT+1 | Thu, Nov 5 · 4:00 AM EST | Hold at 4.50% | — | [Preview →](https://interestratedecision.com/norges/november-2026/) | | **Thu, Dec 17, 2026** | 10:00 AM GMT+1 | Thu, Dec 17 · 4:00 AM EST | Not yet | — | [Preview →](https://interestratedecision.com/norges/december-2026/) | Questions ## 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. By Forexia ## Learn the read behind every projection. Forexia teaches the same read this site measures: where the stops rest before a release, the hunt, and the close back that says it is done. 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