Central Bank of Norway

Norwegian Central Bank Hike

March 23, 2023

The Central Bank of Norway‘s 3.0% policy interest rate has risen from zero percent as recently as September 2021. Krone depreciation, rising wage growth, low unemployment, and resilient economic activity have driven inflation well above the 2% target, and the central bank’s governor provided forward guidance that more rate hikes are likely: ‚ÄúThere is considerable […] More

Comparing the Central Bank Interest Rate Paths of the United States, Brazil, U.K., Iceland,Poland and Czech Republic

May 5, 2022

All six of the central banks in this comparative study had interest rate hikes announced either today or yesterday. In none of the cases was the increase the first one of the current cycles. All these tightening cycles represent responses to accelerating inflation caused in large part by external factors like the pandemic, policy responses […] More

Central Bank of Norway Cuts Interest Rate after Unscheduled Meeting

March 13, 2020

Norges Bank’s policy interest rate was reduced to 1.0% from 1.5%, reversing half a full-percentage point tightening implemented in 25-basis point increments in March 2018, March 2019, June 2019, and September 2019. The decision at an extraordinary unscheduled Board meetings was made unanimously. The next scheduled meeting is on March 19. A released statement justifies […] More

Central Bank of Norway

March 15, 2018

Although the Executive Board of Norges Bank left the policy interest rate at 0.50%, it released a less dovish statement that moved up the likely first interest rate hike from next next autumn to the summer before. Earlier this month, the inflation target had been lowered to 2.0%, and officials are justifying a somewhat earlier […] More

Central Bank of Norway

December 14, 2017

The policy interest rate at Norges Bank has been 0.50% since March 2016 when a 25-basis point cut culminated 175 basis points of easing since December 2011. Norway was the first central bank in Europe to experience a central bank rate hike following the Great Recession; such was a regrettably premature attempt to return to […] More

Central Bank of Norway

September 21, 2017

A released statement from Norges Bank’s Executive Board after the latest policy review defends keeping Norway’s key monetary policy rate at 0.50% in the period ahead, suggests that the initial increase may need to occur somewhat sooner than projected back in June, but also maintains that persistent uncertainties will require a careful and gradual eventual […] More

Bank of Norway

May 4, 2017

The Executive Board of Norges Bank left its main policy interest rate at 0.50%. Such was cut six times from December 2011 through March of last year, each time by 25 basis points. In today’s released statement, officials continue to defend maintaining an accommodative stance because of low capacity usage and project 1-2% inflation “over […] More

Central Bank of Norway Keeps 0.50% Interest Rate

March 16, 2017

A 50-basis point interest rate cut in December 2011 followed by five 25-bp reductions from March 2012 to March 2016 depressed Norway’s central bank interest rate from 2.25% to the current 0.50% level. Today’s released new statement projects the rate will stay at this level for more than another year but concedes a higher probability […] More

Central Bank of Norway Keeps 1.5% Benchmark Interest Rate and Releases Dovish Statement

June 19, 2014

Norges Bank’s policy rate has been at 1.5% since a 25-basis point cut in March 2012, which followed a 50-bp cut in November 2011.  The current level is only 25 basis points above the mid-2009 low.  A statement from the central bank Executive Board observes that other countries are likely to take longer to raise […] More

Norges Bank Maintains 1.5% Policy Interest Rate

October 24, 2013

For a tenth straight time, Norway’s central bank executive board members left their policy interest rate at 1.5%.  No change had been considered, and the policy outlook still considers a rate change unlikely before 3Q14.  A statement summarizes developments since it met on September 19 as follows: “Inflation in September was lower than expected, but […] More