Latest bank decision: At its meeting on 10 April, the Central Bank of Peru (BCRP) decided to maintain the reference...
Sight Deposit Rate in Norway
The Sight Deposit Rate ended 2022 at 2.75%, up with the 0.50% end-2021 value and up with the reading of 1.50% a decade earlier. For reference, the average deposit rate in the region was not provided. For more interest rate information, visit our dedicated page.
Norway Interest Rate Chart
Note: This chart displays Policy Interest Rate (%) for Norway from 2014 to 2024.
Source: Macrobond.
Norway Interest Rate Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Sight Deposit Rate (%, eop) | 0.00 | 0.50 | 2.75 | 4.50 | 4.50 |
| 3-Month NIBOR (%, eop) | 0.49 | 0.95 | 3.26 | 4.73 | 4.68 |
| 10-Year Bond Yield (%, eop) | 0.96 | 1.71 | 3.20 | 3.24 | 3.84 |
Norges Bank postpones the highly anticipated kickoff of its loosening cycle in March
Norges Banks retracts previously announced forward guidance: At its meeting on 26 March, Norges Bank held fire, leaving the sight deposit rate unchanged at a 17-year high of 4.50%. The decision to hold, while a walk-back from January’s meeting forward guidance, had been priced in by markets following the release of February inflation data on 10 March.
Surprise rise in inflation leads to first rate cut postponement: Norges Bank cited the recent rise in inflation, which was notable and “markedly higher” than expected, as the key driver behind the hold. While the overall picture of inflation is that it has slowed from its peak, it remains above the Bank’s 2.0% target. Moreover, Norges Bank noted that recently strong rises in business costs and higher-than-projected wage growth in 2024 are likely to stoke inflation ahead.
Forward guidance suggests easing ahead: Norges Bank forecasts that its policy rate will end the year at around 4.00%. Our Consensus also turned more hawkish and is now for around 75 basis points of reductions overall in 2025, instead of the 100 basis points worth of cuts penciled in after January’s meeting. The Bank will reconvene on 7 May, with the decision to be announced the following day.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Norwegian interest rate projections for the next ten years from a panel of 15 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable interest rate forecast available for Norwegian interest rate.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Norwegian interest rate projections.
Want to get access to the full dataset of Norwegian interest rate forecasts? Send an email to info@focus-economics.com.
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