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Norges Bank Interest Rate History

Norges Bank's policy rate is 4.50% after the decision of Sep 24, 2026. The calendar lists 102 Norges Bank decisions since Mar 16, 2011: 22 hikes, 10 cuts and 70 holds; the last change was +25 bp on Sep 24, 2026.

Rate now4.50%policy rate
Last change+25 bpSep 24, 2026
Since 201122▲ 10▼hikes and cuts in 102 decisions
Range0.00% to 4.50%lowest to highest
The chart

Norges Bank Interest Rate since 2011

Each step is a decision. Shaded: the hiking cycles in red and the cutting cycles in green.

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Norges Bank Interest Rate since 2011 Norges Bank Interest Rate from 2011 to today, as a step line. Highest 4.50% (Dec 14, 2023), lowest 0.00% (May 7, 2020), now 4.50%. Shaded: hiking (red) and cutting (green) cycles. 0% 1% 2% 3% 4% 5% 2012 2014 2016 2018 2020 2022 2024 2026 4.50%
Cycles

Norges Bank hiking and cutting cycles since 2011

A cycle is a run of moves in one direction, with holds between them; a move the other way starts the next.

CycleFromToMovesIn allRate
▲ Hiking latest May 7, 2026 Sep 24, 2026 2 +50 bp 4.00% → 4.50%
▼ Cutting Jun 19, 2025 Sep 18, 2025 2 −50 bp 4.50% → 4.00%
▲ Hiking Sep 23, 2021 Dec 14, 2023 14 +450 bp 0.00% → 4.50%
▼ Cutting Mar 13, 2020 May 7, 2020 3 −150 bp 1.50% → 0.00%
▲ Hiking Sep 20, 2018 Sep 19, 2019 4 +100 bp 0.50% → 1.50%
▼ Cutting Dec 14, 2011 Mar 17, 2016 5 −175 bp 2.25% → 0.50%
▲ Hiking Mar 16, 2011 May 12, 2011 2 +50 bp 1.75% → 2.25%
By year

Norges Bank Interest Rate by year

How many times Norges Bank met in each year, what it did, and where the rate ended the year.

YearDecisionsHikesCutsHoldsNet changeYear end
2026 so far 6 2 — 4 +50 bp 4.50%
2025 8 — 2 6 −50 bp 4.00%
2024 8 — — 8 0 bp 4.50%
2023 8 6 — 2 +175 bp 4.50%
2022 8 6 — 2 +225 bp 2.75%
2021 8 2 — 6 +50 bp 0.50%
2020 9 — 3 6 −150 bp 0.00%
2019 8 3 — 5 +75 bp 1.50%
2018 3 1 — 2 +25 bp 0.75%
2017 1 — — 1 0 bp 0.50%
2016 6 — 1 5 −25 bp 0.50%
2015 4 — 1 3 −50 bp 0.75%
2014 6 — 1 5 −25 bp 1.25%
2013 6 — — 6 0 bp 1.50%
2012 6 — 1 5 −25 bp 1.50%
2011 7 2 1 4 0 bp 1.75%
Records

Norges Bank's records since 2011

Highest4.50%first set Dec 14, 2023
Lowest0.00%first set May 7, 2020
Biggest move−75 bpMar 20, 2020, to 0.25%
Longest hold16decisions in a row with no change, May 10, 2012 to Oct 23, 2014
Against the consensus58/66matched it; 4 came out above (hawkish), 4 below (dovish)
Every decision

Every Norges Bank interest rate decision since 2011

Newest first. The decisions since 2025 open on their own page, with the minutes of price around them.

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DateDecision Rate ChangeExpected
Sep 24, 2026 ▲ hike 4.50% +25 bp 4.50%
Aug 13, 2026 ■ hold 4.25% 0 bp 4.25%
Jun 18, 2026 ■ hold 4.25% 0 bp 4.25%
May 7, 2026 ▲ hike 4.25% +25 bp 4.00%
Mar 26, 2026 ■ hold 4.00% 0 bp 4.00%
Jan 22, 2026 ■ hold 4.00% 0 bp 4.00%
Dec 18, 2025 ■ hold 4.00% 0 bp 4.00%
Nov 6, 2025 ■ hold 4.00% 0 bp 4.00%
Sep 18, 2025 ▼ cut 4.00% −25 bp 4.00%
Aug 14, 2025 ■ hold 4.25% 0 bp 4.25%
Jun 19, 2025 ▼ cut 4.25% −25 bp 4.50%
May 8, 2025 ■ hold 4.50% 0 bp 4.50%
Mar 27, 2025 ■ hold 4.50% 0 bp 4.50%
Jan 23, 2025 ■ hold 4.50% 0 bp 4.50%
Dec 19, 2024 ■ hold 4.50% 0 bp 4.50%
Nov 7, 2024 ■ hold 4.50% 0 bp 4.50%
Sep 19, 2024 ■ hold 4.50% 0 bp 4.50%
Aug 15, 2024 ■ hold 4.50% 0 bp 4.50%
Jun 20, 2024 ■ hold 4.50% 0 bp 4.50%
May 3, 2024 ■ hold 4.50% 0 bp —
Mar 21, 2024 ■ hold 4.50% 0 bp 4.50%
Jan 25, 2024 ■ hold 4.50% 0 bp 4.50%
Dec 14, 2023 ▲ hike 4.50% +25 bp 4.25%
Nov 2, 2023 ■ hold 4.25% 0 bp 4.25%
Sep 21, 2023 ▲ hike 4.25% +25 bp 4.25%
Aug 17, 2023 ▲ hike 4.00% +25 bp 4.00%
Jun 22, 2023 ▲ hike 3.75% +50 bp 3.50%
May 4, 2023 ▲ hike 3.25% +25 bp 3.25%
Mar 23, 2023 ▲ hike 3.00% +25 bp 3.00%
Jan 19, 2023 ■ hold 2.75% 0 bp 2.75%
Dec 15, 2022 ▲ hike 2.75% +25 bp 2.75%
Nov 3, 2022 ▲ hike 2.50% +25 bp 2.75%
Sep 22, 2022 ▲ hike 2.25% +50 bp 2.25%
Aug 18, 2022 ▲ hike 1.75% +50 bp 1.75%
Jun 23, 2022 ▲ hike 1.25% +50 bp 1.00%
May 5, 2022 ■ hold 0.75% 0 bp 0.75%
Mar 24, 2022 ▲ hike 0.75% +25 bp 0.75%
Jan 20, 2022 ■ hold 0.50% 0 bp 0.50%
Dec 16, 2021 ▲ hike 0.50% +25 bp 0.50%
Nov 4, 2021 ■ hold 0.25% 0 bp 0.25%
Sep 23, 2021 ▲ hike 0.25% +25 bp 0.25%
Aug 19, 2021 ■ hold 0.00% 0 bp 0.00%
Jun 17, 2021 ■ hold 0.00% 0 bp 0.00%
May 6, 2021 ■ hold 0.00% 0 bp 0.00%
Mar 18, 2021 ■ hold 0.00% 0 bp 0.00%
Jan 21, 2021 ■ hold 0.00% 0 bp 0.00%
Dec 17, 2020 ■ hold 0.00% 0 bp 0.00%
Nov 5, 2020 ■ hold 0.00% 0 bp 0.00%
Sep 24, 2020 ■ hold 0.00% 0 bp 0.00%
Aug 20, 2020 ■ hold 0.00% 0 bp 0.00%
Jun 18, 2020 ■ hold 0.00% 0 bp 0.00%
May 7, 2020 ▼ cut 0.00% −25 bp 0.25%
Mar 20, 2020 ▼ cut 0.25% −75 bp —
Mar 13, 2020 ▼ cut 1.00% −50 bp 1.50%
Jan 23, 2020 ■ hold 1.50% 0 bp 1.50%
Dec 19, 2019 ■ hold 1.50% 0 bp 1.50%
Oct 24, 2019 ■ hold 1.50% 0 bp 1.50%
Sep 19, 2019 ▲ hike 1.50% +25 bp 1.50%
Aug 15, 2019 ■ hold 1.25% 0 bp 1.25%
Jun 20, 2019 ▲ hike 1.25% +25 bp 1.25%
May 9, 2019 ■ hold 1.00% 0 bp 1.00%
Mar 21, 2019 ▲ hike 1.00% +25 bp 1.00%
Jan 24, 2019 ■ hold 0.75% 0 bp 0.75%
Dec 13, 2018 ■ hold 0.75% 0 bp 0.75%
Oct 25, 2018 ■ hold 0.75% 0 bp 0.75%
Sep 20, 2018 ▲ hike 0.75% +25 bp 0.75%
Jun 22, 2017 ■ hold 0.50% 0 bp 0.50%
Dec 15, 2016 ■ hold 0.50% 0 bp —
Oct 27, 2016 ■ hold 0.50% 0 bp —
Sep 22, 2016 ■ hold 0.50% 0 bp —
Jun 23, 2016 ■ hold 0.50% 0 bp —
May 12, 2016 ■ hold 0.50% 0 bp —
Mar 17, 2016 ▼ cut 0.50% −25 bp —
Dec 17, 2015 ■ hold 0.75% 0 bp —
Nov 5, 2015 ▼ cut 0.75% −50 bp —
The calendar misses a decision here: one moved the rate from 1.25% to 0.75%.
May 7, 2015 ■ hold 1.25% 0 bp —
Mar 19, 2015 ■ hold 1.25% 0 bp —
Dec 11, 2014 ▼ cut 1.25% −25 bp —
Oct 23, 2014 ■ hold 1.50% 0 bp —
Sep 18, 2014 ■ hold 1.50% 0 bp —
Jun 19, 2014 ■ hold 1.50% 0 bp —
May 8, 2014 ■ hold 1.50% 0 bp —
Mar 27, 2014 ■ hold 1.50% 0 bp —
Dec 5, 2013 ■ hold 1.50% 0 bp —
Oct 24, 2013 ■ hold 1.50% 0 bp —
Sep 19, 2013 ■ hold 1.50% 0 bp —
Jun 20, 2013 ■ hold 1.50% 0 bp —
May 8, 2013 ■ hold 1.50% 0 bp —
Mar 14, 2013 ■ hold 1.50% 0 bp 1.50%
Dec 19, 2012 ■ hold 1.50% 0 bp —
Oct 31, 2012 ■ hold 1.50% 0 bp —
Aug 29, 2012 ■ hold 1.50% 0 bp —
Jun 20, 2012 ■ hold 1.50% 0 bp —
May 10, 2012 ■ hold 1.50% 0 bp —
Mar 14, 2012 ▼ cut 1.50% −25 bp —
Dec 14, 2011 ▼ cut 1.75% −50 bp —
Oct 19, 2011 ■ hold 2.25% 0 bp —
Sep 21, 2011 ■ hold 2.25% 0 bp —
Aug 10, 2011 ■ hold 2.25% 0 bp —
Jun 22, 2011 ■ hold 2.25% 0 bp —
May 12, 2011 ▲ hike 2.25% +25 bp —
Mar 16, 2011 ▲ hike 2.00% +25 bp —

Source: FXStreet's economic calendar, read automatically. Expected is the economists' consensus where one was published. Check a figure against Norges Bank's own site before relying on it.

Next decisionNorges Bank interest rate decisionNov 5, 2026, 10:00 AM GMT+1 CalendarNorges Bank meeting dates 2026every decision of the year, with timesCalendarNorges Bank meeting dates 2027every decision of the year, with times All banksCentral bank rates todaythe ten banks side by side
Questions

Norges Bank Interest Rate history: questions

What is Norges Bank interest rate now?

4.50%, set on Thursday, September 24, 2026. The next decision is on Thursday, November 5, 2026 at 10:00 AM GMT+1.

When did Norges Bank last change interest rates?

On Sep 24, 2026, a hike of 25 bp to 4.50%.

What is the highest the policy rate has been since 2011?

4.50%, first set on Dec 14, 2023. The lowest was 0.00%, first set on May 7, 2020.

How many times did Norges Bank raise rates in its latest cycle?

2 times, +50 bp in all, from May 7, 2026 to Sep 24, 2026. The cutting cycle before it made 2 moves, −50 bp, from Jun 19, 2025 to Sep 18, 2025.

How often does Norges Bank surprise the market?

Of the 66 Norges Bank decisions with a published consensus since Mar 14, 2013, 58 matched it, 4 came out above it (more hawkish than expected) and 4 below it (more dovish).

Where does this data come from?

FXStreet's economic calendar, read automatically and never typed by hand, and refreshed after every decision. The calendar misses a few meetings; where a missed one changed the rate, the table says so. Download it all as CSV.

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