Norwegian monetary policy

Norges Bank

September 22, 2016

Norway’s central bank policy rate has been 0.50% since a 25-basis point cut in March. Norway is one of several economies in which monetary policy began to be tightened in the post-Great Recession economic recovery but had to be rescinded subsequently when the economy did not react well. The last cyclical low of 1.25% lasted […] More

Central Bank of Norway

March 17, 2016

The Executive Board of Norges Bank cut Norway’s policy interest rate by another 25 basis points to a record low of 0.50% and released a statement suggesting the rate could drop eventually to zero if needed.  From a post-Great Recession high of 2.25%, the rate was lowered by 50 bps in December 2011 and then […] More

Norges Bank

November 5, 2015

The latest meeting of the Executive Board resulted in no change in Norway’s record low central bank rate of 0.75%.  As an energy producer and exporter, Norway’s economy was hit by the share decline in world oil prices since June 2014.  Real GDP is likely to expand less than 1% in 2015.  A statement from […] More

Norges Bank

May 7, 2015

The Central Bank of Norway’s executive board retained a 1.25% deposit rate.  1.25% matches the Great Recession low even though a 25-basis point hike in October 2009 constituted Europe’s first post-Great Recession central bank rate hike.  The rate was last reduced in December 2014.  A 25-basis point cut then followed reductions of 25 bps in […] More

Norwegian Monetary Policy Remains on Pause

October 23, 2014

The interest rate cuts by the Executive Board of Norges Bank of 50 basis points in December 2011 and 25 bps in March 2012 returned the benchmark to 1.5%, its lowest level since October-November of 2009 and just 25 basis points above the Great Recession low earlier in 2009.  No changes have been made at […] More

Norges Bank

December 5, 2013

According to the central bank Deputy Governor Jan F. Qvigstad, Consumer price inflation has been somewhat lower than expected in the past two months and it appears that growth in the Norwegian economy will be somewhat lower in the period ahead than projected earlier. On the other hand, the krone has depreciated considerably. On the […] More

Norwegian Central Bank Rate Left at 1.5%

June 20, 2013

Rate History:  The key policy rate was slashed from 5.75% in October 2008 to 1.25% by mid-2009, then raised four times by 25 bps each between October 2009 and May 2011.  From the resulting 2.25% level, the Executive Board later implemented two reductions, first by 50 bps to 1.75% in December 2011 and by 25 […] More

Norges Bank Leaves Key Policy Interest Rate at 1.5% in Norway

December 19, 2012

Norges Bank in October 2009 became the first European central bank to hike its policy interest rate following the Great Recession.  Thanks to cuts of 50 basis points a year ago and a further 25 bps in March 2008, however, the current 1.5% level is on net only 25 basis points above the 2009 trough […] More

Norwegian Monetary Policy Remains Unchanged after Latest Executive Board Meeting

August 29, 2012

Analysts had not expected Norway’s policy interest rate of 1.5% since March to be changed today, and it wasn’t.  A statement from the Norges Bank strikes an upbeat tone and claims that Developments in both Norway and among trading partners have been broadly in line with expectations. Inflation in Norway has been slightly lower than […] More