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BIS central bank policy rates (M.NO) · Norges Bank, end of month

What is the policy rate of Norges Bank?

The policy rate of Norges Bank was 4.500% in the month ended , up 0.500 percentage points from a year earlier.

Policy rate of Norges Bank, end of month, not seasonally adjusted, each month

March 1986 to September 2026Not seasonally adjusted, as published

Policy rate of Norges Bank, end of month, not seasonally adjusted, each month (March 1986 to September 2026), recessions shaded
Policy rate of Norges Bank, end of month, not seasonally adjusted, each month (September 2016 to September 2026), recessions shaded
Policy rate of Norges Bank, end of month, not seasonally adjusted, each month (September 2024 to September 2026)

Shaded bands are US recessions as the National Bureau of Economic Research dates them: to , to , to , to .

Shaded bands are US recessions as the National Bureau of Economic Research dates them: to .

Policy rate of Norges Bank, end of month, change from a year earlier, each month (ours)

March 1986 to September 2026Ours, from the published values

Policy rate of Norges Bank, end of month, change from a year earlier, each month (ours) (March 1986 to September 2026), recessions shaded
Policy rate of Norges Bank, end of month, change from a year earlier, each month (ours) (September 2016 to September 2026), recessions shaded
Policy rate of Norges Bank, end of month, change from a year earlier, each month (ours) (September 2024 to September 2026)

Shaded bands are US recessions as the National Bureau of Economic Research dates them: to , to , to , to .

Shaded bands are US recessions as the National Bureau of Economic Research dates them: to .

Each point is one month of the series as the source publishes it, or a change worked out from those values (ours). The US recessions are shaded. Pointing at the chart shows the month and the value.

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Inspect and compare dates

The newest month beside the one before it and the nearest ones a year, five and ten years earlier. The last ten years are in the table under "The numbers behind the chart".

MeasureLatestThe month beforeA year earlierFive years earlierTen years earlier
Month
Policy rate of Norges Bank, end of month4.500%4.250%4.000%0.250%0.500%
Change over a year+0.500 pts0.000 pts−0.500 pts+0.250 pts−0.250 pts

The table scrolls sideways; the first column stays in place.

Observed .

Right now

The policy rate of Norges Bank was 4.500% in September 2026, the highest since November 2008.

Over a year it is up 0.500 percentage points (ours).

See every month of the last ten years

ChangeOurs

PeriodThenChange
One month4.250%, the rate in +0.250 percentage points
Three months4.250%, the rate in +0.250 percentage points
Twelve months4.000%, the rate in +0.500 percentage points
Five years0.250%, the rate in +4.250 percentage points
Ten years0.500%, the rate in +4.000 percentage points

In historyOurs

The policy rate of Norges Bank of 4.500% in was higher than in 262 of the 486 other months since , the same in 29 and lower in 195.

Highest since : 17.000% in . Lowest since : 0.000% in .

AverageOurs

Average since : 4.6387% (ours, a plain mean of the 487 months).

ComparedOurs

Over a year the policy rate of Norges Bank is up 0.500 percentage points, which ranks 5 of the 38 rows of the table, where 1 is the largest change.

The table sets the policy rate of Norges Bank beside the economies on the central bank rates page, by the change over a year in each one's newest month.

See every row of the ranking

Understanding the policy rate of Norges Bank

Where it stands today

The policy rate of Norges Bank was 4.500% in September 2026.

What does the policy rate of Norges Bank measure?

This is the policy rate of Norges Bank: the deposit facility rate, the rate on money the banks leave with the bank. The Bank for International Settlements (BIS) collects the policy rates of central banks and publishes, for each economy, the rate in force at the end of each month.

Read more

The series is the deposit facility rate from 11 June 1993. From 3 March 1986 to 10 June 1993 it is the credit facility rate.

What 500metrics adds: the change over one month, three months, a year and five years, the highest and lowest value since the series begins, and how the change over a year compares with the other economies on the central bank rates page.

The numbers behind the chart

What was the policy rate of Norges Bank in each month?The last ten years, 120 months, newest first; the chart and the file have every month since Mar 1986
Policy rate of Norges Bank, end of month, not seasonally adjusted, by month, newest first (Percent a year, end of month; the change ours)
MonthValueChange over a year
4.500%+0.500 pts
4.250%0.000 pts
4.250%0.000 pts
4.250%0.000 pts
4.250%−0.250 pts
4.000%−0.500 pts
4.000%−0.500 pts
4.000%−0.500 pts
4.000%−0.500 pts
4.000%−0.500 pts
4.000%−0.500 pts
4.000%−0.500 pts
4.000%−0.500 pts
4.250%−0.250 pts
4.250%−0.250 pts
4.250%−0.250 pts
4.500%0.000 pts
4.500%0.000 pts
4.500%0.000 pts
4.500%0.000 pts
4.500%0.000 pts
4.500%0.000 pts
4.500%+0.250 pts
4.500%+0.250 pts
Show 96 more rows
MonthValueChange over a year
4.500%+0.250 pts
4.500%+0.500 pts
4.500%+0.750 pts
4.500%+0.750 pts
4.500%+1.250 pts
4.500%+1.500 pts
4.500%+1.500 pts
4.500%+1.750 pts
4.500%+1.750 pts
4.500%+1.750 pts
4.250%+1.750 pts
4.250%+2.000 pts
4.250%+2.000 pts
4.000%+2.250 pts
3.750%+2.500 pts
3.750%+2.500 pts
3.250%+2.500 pts
3.000%+2.250 pts
3.000%+2.250 pts
2.750%+2.250 pts
2.750%+2.250 pts
2.750%+2.250 pts
2.500%+2.250 pts
2.250%+2.000 pts
2.250%+2.000 pts
1.750%+1.750 pts
1.250%+1.250 pts
1.250%+1.250 pts
0.750%+0.750 pts
0.750%+0.750 pts
0.750%+0.750 pts
0.500%+0.500 pts
0.500%+0.500 pts
0.500%+0.500 pts
0.250%+0.250 pts
0.250%+0.250 pts
0.250%+0.250 pts
0.000%0.000 pts
0.000%0.000 pts
0.000%0.000 pts
0.000%0.000 pts
0.000%−0.250 pts
0.000%−0.250 pts
0.000%−1.500 pts
0.000%−1.500 pts
0.000%−1.500 pts
0.000%−1.500 pts
0.000%−1.500 pts
0.000%−1.500 pts
0.000%−1.250 pts
0.000%−1.250 pts
0.000%−1.250 pts
0.000%−1.000 pts
0.250%−0.750 pts
0.250%−0.750 pts
1.500%+0.750 pts
1.500%+0.750 pts
1.500%+0.750 pts
1.500%+0.750 pts
1.500%+0.750 pts
1.500%+0.750 pts
1.250%+0.750 pts
1.250%+0.750 pts
1.250%+0.750 pts
1.000%+0.500 pts
1.000%+0.500 pts
1.000%+0.500 pts
0.750%+0.250 pts
0.750%+0.250 pts
0.750%+0.250 pts
0.750%+0.250 pts
0.750%+0.250 pts
0.750%+0.250 pts
0.500%0.000 pts
0.500%0.000 pts
0.500%0.000 pts
0.500%0.000 pts
0.500%0.000 pts
0.500%0.000 pts
0.500%0.000 pts
0.500%0.000 pts
0.500%0.000 pts
0.500%0.000 pts
0.500%0.000 pts
0.500%0.000 pts
0.500%0.000 pts
0.500%0.000 pts
0.500%0.000 pts
0.500%0.000 pts
0.500%0.000 pts
0.500%0.000 pts
0.500%−0.250 pts
0.500%−0.250 pts
0.500%−0.250 pts
0.500%−0.250 pts
0.500%−0.250 pts
How does it compare with the economies on the central bank rates page?Ranked by the change over a year
Policy rate of Norges Bank, end of month beside the economies on the central bank rates page, newest month of each, by the change over a year (ours); equal changes share a rank
SeriesMonthValueChange over a yearRank
Colombia12.000%+2.750 pts1
Australia4.600%+1.000 pts2
Indonesia5.750%+1.000 pts2
Japan1.250%+0.750 pts4
Denmark2.100%+0.500 pts5
Euro Area2.500%+0.500 pts5
Iceland8.000%+0.500 pts5
Norway4.500%+0.500 pts5
South Korea3.000%+0.500 pts5
Czech Republic3.750%+0.250 pts10
South Africa7.250%+0.250 pts10
China3.000%0.000 pts12
Malaysia2.750%0.000 pts12
Morocco2.250%0.000 pts12
Peru4.250%0.000 pts12
Philippines5.000%0.000 pts12
Romania6.500%0.000 pts12
Serbia5.750%0.000 pts12
Switzerland0.000%0.000 pts12
Canada2.250%−0.250 pts20
Chile4.500%−0.250 pts20
Hong Kong4.250%−0.250 pts20
India5.250%−0.250 pts20
Kuwait3.500%−0.250 pts20
New Zealand2.750%−0.250 pts20
Saudi Arabia4.500%−0.250 pts20
Sweden1.750%−0.250 pts20
United Kingdom3.750%−0.250 pts20
United States3.875%−0.250 pts20
Thailand1.000%−0.500 pts30
Hungary5.500%−1.000 pts31
Mexico6.500%−1.000 pts31
Poland3.750%−1.000 pts31
North Macedonia4.250%−1.100 pts34
Brazil13.750%−1.250 pts35
Israel3.250%−1.250 pts35
Russia14.000%−3.000 pts37
Turkey37.000%−3.500 pts38

The table scrolls sideways; the first column stays in place.

What do these figures leave out, and how are they cited?Limits, dates and how to cite

What this number cannot tell you

  • The BIS takes most of its policy rate series from the central banks as national data. A month's value is the rate in force at the end of the month, so a rate that is changed and changed back inside one month does not show.
  • Banks define their policy rate in different ways, so the levels of two economies are not strictly comparable. The rate is the bank's own, in its own currency, and is not adjusted for inflation.
  • The changes, the ranks and the highest and lowest values are ours, worked out from the values the BIS publishes; a change is in percentage points.

Observed . Checked .

How to cite this

Bank for International Settlements, central bank policy rates, Norges Bank, end of month, through September 2026. Compiled by 500metrics, "What is the policy rate of Norges Bank?", https://500metrics.com/central-bank-rates/norway.

Can the data be downloaded?central-bank-rates-norway.csv

Download the full history as CSV: 487 rows, to , 8,886 bytes.

Our text and compilation: CC BY 4.0.

Recession dates from the National Bureau of Economic Research.

Page updated

Sources

Bank for International Settlements, central bank policy rates (source) Terms: BIS terms of permitted use of statistics.