> Norges Bank Interest Rate History Since 2011
> Source: https://interestratedecision.com/norges/rate-history/ · Content last changed: 2026-11-02
> InterestRateDecision.com: free to quote with a link to the page above.

Norges Bank rate now 4.50%. All 102 decisions since 2011 with chart, hiking and cutting cycles, the rate by year, the consensus and a CSV download.

# 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 now**4.50%**policy rate

Last change**+25 bp**Sep 24, 2026

Since 2011**22▲ 10▼**hikes and cuts in 102 decisions

Range**0.00% 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.

[Download CSV](https://interestratedecision.com/norges/rate-history.csv)

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.

| Cycle | From | To | Moves | In all | Rate |
| --- | --- | --- | --- | --- | --- |
| ▲ 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.

| Year | Decisions | Hikes | Cuts | Holds | Net change | Year end |
| --- | --- | --- | --- | --- | --- | --- |
| **[2026](https://interestratedecision.com/norges/meeting-dates-2026/)** so far | 6 | 2 | — | 4 | +50 bp | **4.50%** |
| **[2025](https://interestratedecision.com/norges/meeting-dates-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

Highest**4.50%**first set Dec 14, 2023

Lowest**0.00%**first set May 7, 2020

Biggest move**−75 bp**Mar 20, 2020, to 0.25%

Longest hold**16**decisions in a row with no change, May 10, 2012 to Oct 23, 2014

Against the consensus**58/66**matched 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.

[Download CSV](https://interestratedecision.com/norges/rate-history.csv)

| Date | Decision | Rate | Change | Expected |
| --- | --- | --- | --- | --- |
| [**Sep 24, 2026**](https://interestratedecision.com/norges/september-2026/) | ▲ hike | **4.50%** | +25 bp | 4.50% |
| [**Aug 13, 2026**](https://interestratedecision.com/norges/august-2026/) | ■ hold | **4.25%** | 0 bp | 4.25% |
| [**Jun 18, 2026**](https://interestratedecision.com/norges/june-2026/) | ■ hold | **4.25%** | 0 bp | 4.25% |
| [**May 7, 2026**](https://interestratedecision.com/norges/may-2026/) | ▲ hike | **4.25%** | +25 bp | 4.00% |
| [**Mar 26, 2026**](https://interestratedecision.com/norges/march-2026/) | ■ hold | **4.00%** | 0 bp | 4.00% |
| [**Jan 22, 2026**](https://interestratedecision.com/norges/january-2026/) | ■ hold | **4.00%** | 0 bp | 4.00% |
| [**Dec 18, 2025**](https://interestratedecision.com/norges/december-2025/) | ■ hold | **4.00%** | 0 bp | 4.00% |
| [**Nov 6, 2025**](https://interestratedecision.com/norges/november-2025/) | ■ hold | **4.00%** | 0 bp | 4.00% |
| [**Sep 18, 2025**](https://interestratedecision.com/norges/september-2025/) | ▼ cut | **4.00%** | −25 bp | 4.00% |
| [**Aug 14, 2025**](https://interestratedecision.com/norges/august-2025/) | ■ hold | **4.25%** | 0 bp | 4.25% |
| [**Jun 19, 2025**](https://interestratedecision.com/norges/june-2025/) | ▼ cut | **4.25%** | −25 bp | 4.50% |
| [**May 8, 2025**](https://interestratedecision.com/norges/may-2025/) | ■ hold | **4.50%** | 0 bp | 4.50% |
| [**Mar 27, 2025**](https://interestratedecision.com/norges/march-2025/) | ■ hold | **4.50%** | 0 bp | 4.50% |
| [**Jan 23, 2025**](https://interestratedecision.com/norges/january-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](https://www.norges-bank.no/en/news-events/calendar/) before relying on it.

[Next decision**Norges Bank interest rate decision**Nov 5, 2026, 10:00 AM GMT+1](https://interestratedecision.com/norges/) [Calendar**Norges Bank meeting dates 2026**every decision of the year, with times](https://interestratedecision.com/norges/meeting-dates-2026/)[Calendar**Norges Bank meeting dates 2027**every decision of the year, with times](https://interestratedecision.com/norges/meeting-dates-2027/) [All banks**Central bank rates today**the ten banks side by side](https://interestratedecision.com/central-bank-rates/)

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](https://interestratedecision.com/norges/rate-history.csv).

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