> Will Norges Bank Raise Rates in November 2026? What Is Expected
> Source: https://interestratedecision.com/norges/will-norges-bank-raise-rates/ · Content last changed: 2026-11-02
> InterestRateDecision.com: free to quote with a link to the page above.

Economists expect no change. The consensus for the Nov 5, 2026 decision is: hold at 4.50%, against 4.50% now. Since 2013 Norges Bank matched the…

# Will Norges Bank raise rates in November 2026?

Economists expect no change. The consensus for the Nov 5, 2026 decision is: hold at 4.50%, against 4.50% now.

Rate now**4.50%**policy rate

Next decision**Nov 5, 2026**10:00 AM GMT+1

Expected**Hold at 4.50%**economists’ consensus

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

Figures as of Nov 3, 2026, 10:15 AM UTC.

## What the data says

The latest run of moves was 2 rises totalling 50 bp, from May 7, 2026 to Sep 24, 2026.

At its latest decision, on Sep 24, 2026, Norges Bank: raised 25 bp to 4.50%, as expected.

Since 2013 Norges Bank matched the consensus in 58 of the 66 decisions the calendar has one for, came out above it in 4 and below it in 4. That is a record of the consensus. [Norges Bank rate odds](https://interestratedecision.com/norges/rate-odds/) turn the same record into the chance of each move at each meeting, with how right they have been.

Read the full preview on [Norges Bank November 2026 decision page](https://interestratedecision.com/norges/november-2026/), [Norges Bank rate history since 2008](https://interestratedecision.com/norges/rate-history/), or [every central bank's rate today](https://interestratedecision.com/central-bank-rates/).

Ahead

## The next Norges Bank decisions

| Date | Time | Expected |
| --- | --- | --- |
| [**Nov 5, 2026**](https://interestratedecision.com/norges/november-2026/) | 10:00 AM GMT+1 | Hold at 4.50% |
| [**Dec 17, 2026**](https://interestratedecision.com/norges/december-2026/) | 10:00 AM GMT+1 | No consensus yet |

Behind

## The last 8 Norges Bank decisions against the consensus

| Date | Decision | Against expected |
| --- | --- | --- |
| [**Sep 24, 2026**](https://interestratedecision.com/norges/september-2026/) | hike 4.50% | as expected |
| [**Aug 13, 2026**](https://interestratedecision.com/norges/august-2026/) | hold 4.25% | as expected |
| [**Jun 18, 2026**](https://interestratedecision.com/norges/june-2026/) | hold 4.25% | as expected |
| [**May 7, 2026**](https://interestratedecision.com/norges/may-2026/) | hike 4.25% | 25 bp more hawkish than expected |
| [**Mar 26, 2026**](https://interestratedecision.com/norges/march-2026/) | hold 4.00% | as expected |
| [**Jan 22, 2026**](https://interestratedecision.com/norges/january-2026/) | hold 4.00% | as expected |
| [**Dec 18, 2025**](https://interestratedecision.com/norges/december-2025/) | hold 4.00% | as expected |
| [**Nov 6, 2025**](https://interestratedecision.com/norges/november-2025/) | hold 4.00% | as expected |

Questions

## Norges Bank rates: questions

Will Norges Bank raise rates in November 2026?

Economists expect no change. The consensus for the Nov 5, 2026 decision is: hold at 4.50%, against 4.50% now. This is what economists expect, not a promise of what the bank will do.

Will Norges Bank cut rates in November 2026?

A cut is not the consensus for the next decision: hold at 4.50%. The last move was raised 25 bp to 4.50% on Sep 24, 2026.

When is the next Norges Bank decision?

Thursday, November 5, 2026 at 10:00 AM GMT+1.

How often is the consensus right about Norges Bank?

Since 2013 Norges Bank matched the consensus in 58 of the 66 decisions the calendar has one for, came out above it in 4 and below it in 4. Agreement on the number does not say how price reacts: an expected move is usually already in the price.

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