01
1993–2008
Sight-deposit policy-rate framework
The sight deposit rate became the central policy instrument in the modern operating framework.
NO
BONDSTATS / NORGES BANK
OFFICIAL-SOURCE ARCHIVE
Norway · NOK · MONETARY POLICY
Norges Bank
Interest Rate History
The sight deposit rate has been Norges Bank’s policy rate since June 1993. Before that, the overnight lending rate served as the policy rate. The official archive publishes decisions back to 1986.
CURRENT PHASERenewed tightening / hold
LATEST RATE MOVE+25 bp · May 7, 2026
HISTORY LOW*0.00%
HISTORY HIGH*4.50%
LARGEST MOVE*-75 bp
01
Policy-rate path
*Statistics refer to the selected points displayed in this BondStats archive, not necessarily the bank’s all-time extremes.
Selected modern policy-rate changes plus the latest hold. The official archive contains decisions back to 1986.20 displayed rate changes
02
Policy regime timeline
02
2008–2019
Crisis and oil-cycle easing
Rates moved lower through the global crisis and later the Norwegian oil downturn.
03
2020–2021
Pandemic zero-rate phase
The policy rate was cut to zero before Norway became one of the first advanced economies to start hiking.
04
2021–2023
Inflation tightening
The rate rose rapidly from zero to 4.50%.
05
2025–2026
Easing, then re-tightening
Two 2025 cuts took the rate to 4.00%, followed by a May 2026 increase to 4.25%.
04
Rate-change archive
Latest first · selected official changes and major transition points
| Date | Policy rate / target | Move | Context |
|---|---|---|---|
| 2026-08-13 | 4.25% | Hold | Latest verified hold |
| 2026-05-07 | 4.25% | +25 bp | Renewed tightening |
| 2025-09-18 | 4.00% | -25 bp | Official rate change |
| 2025-06-19 | 4.25% | -25 bp | Official rate change |
| 2023-12-14 | 4.50% | +25 bp | Official rate change |
| 2023-09-21 | 4.25% | +25 bp | Official rate change |
| 2023-08-17 | 4.00% | +25 bp | Official rate change |
| 2023-06-22 | 3.75% | +50 bp | Official rate change |
| 2023-05-04 | 3.25% | +25 bp | Official rate change |
| 2023-03-23 | 3.00% | +25 bp | Official rate change |
| 2022-12-15 | 2.75% | +25 bp | Official rate change |
| 2022-11-03 | 2.50% | +25 bp | Official rate change |
| 2022-09-22 | 2.25% | +50 bp | Official rate change |
| 2022-08-18 | 1.75% | +50 bp | Official rate change |
| 2022-06-23 | 1.25% | +50 bp | Official rate change |
| 2022-03-24 | 0.75% | +25 bp | Official rate change |
| 2021-12-16 | 0.50% | +25 bp | Official rate change |
| 2021-09-23 | 0.25% | +25 bp | Official rate change |
| 2020-05-07 | 0.00% | -25 bp | Pandemic low |
| 2020-03-20 | 0.25% | -75 bp | Official rate change |
| 2020-03-13 | 1.00% | -50 bp | Official rate change |
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