Norway interest rate
Norges Bank
- Policy rate
- 4.25%
- Sep 16, 2026
- Last move
- +0.25 pt
- May 2026
- Inflation
- 3.3%
- Aug 2026
- 10-year bond yield
- 4.29%
- Aug 2026
The policy rate set by Norges Bank is 4.25% as of Sep 16, 2026. Its most recent move: it raised its rate from 4.00% to 4.25% (May 2026). The rate is 0.25 percentage points higher than a year earlier. With consumer prices up 3.3% over the 12 months to Aug 2026, the real rate (policy rate minus inflation) is +1.0%: borrowing costs are above inflation.
Policy rate over the past two years
Sep 16, 2026: 4.25%
Rate changes
| When | Decision | From | To | Change |
|---|---|---|---|---|
| May 2026 | Hike | 4.00% | 4.25% | +0.25 pt |
| Sep 2025 | Cut | 4.25% | 4.00% | −0.25 pt |
| Jun 2025 | Cut | 4.50% | 4.25% | −0.25 pt |
Changes between month-end rates, plus the latest daily reading. Two decisions in one month show up as a single change.
Inflation (% vs a year earlier)
Aug 2026: 3.3%
10-year government bond yield
Aug 2026: 4.29%
Other central banks in Europe
Source: BIS; inflation: IMF CPI; bond yield: OECD. Updated daily. All central bank rates · Norway economy dashboard