Norges Bank

Key policy rate, 4.50% since 25 September 2026.

as of 30 Oct 2026 · own history joined to BIS · 551 decisions since 1818

Norway·NOK·all central banks

Last

4.50%

25 September 2026

4.25%

8 May 2026

High since 1818

11.00%

7 September 1992

Low since 1818

0.00%

8 May 2020

Meetings a year

—

schedule not on file

Next decision

5 November 2026

in 3 days

Shaded: market rate used as a proxy, not a decision.

Every decision

Newest first; a shaded row marks a change of instrument.

Date	Level	Change	Instrument
2026-09-25	4.50%	+0.25%	Key policy rate
2026-05-08	4.25%	+0.25%	Key policy rate
2025-09-19	4.00%	−0.25%	Key policy rate
2025-06-20	4.25%	−0.25%	Key policy rate
2023-12-15	4.50%	+0.25%	Key policy rate
2023-09-22	4.25%	+0.25%	Key policy rate
2023-08-18	4.00%	+0.25%	Key policy rate
2023-06-23	3.75%	+0.50%	Key policy rate
2023-05-05	3.25%	+0.25%	Key policy rate
2023-03-24	3.00%	+0.25%	Key policy rate
2022-12-16	2.75%	+0.25%	Key policy rate
2022-11-04	2.50%	+0.25%	Key policy rate
2022-09-23	2.25%	+0.50%	Key policy rate
2022-08-19	1.75%	+0.50%	Key policy rate
2022-06-24	1.25%	+0.50%	Key policy rate
2022-03-25	0.75%	+0.25%	Key policy rate
2021-12-17	0.50%	+0.25%	Key policy rate
2021-09-24	0.25%	+0.25%	Key policy rate
2020-05-08	0.00%	−0.25%	Key policy rate
2020-03-23	0.25%	−0.75%	Key policy rate
2020-03-16	1.00%	−0.50%	Key policy rate
2019-09-20	1.50%	+0.25%	Key policy rate
2019-06-21	1.25%	+0.25%	Key policy rate
2019-03-22	1.00%	+0.25%	Key policy rate
2018-09-21	0.75%	+0.25%	Key policy rate
2016-03-18	0.50%	−0.25%	Key policy rate
2015-09-25	0.75%	−0.25%	Key policy rate
2015-06-19	1.00%	−0.25%	Key policy rate
2014-12-12	1.25%	−0.25%	Key policy rate
2012-03-15	1.50%	−0.25%	Key policy rate
2011-12-15	1.75%	−0.50%	Key policy rate
2011-05-13	2.25%	+0.25%	Key policy rate
2010-05-06	2.00%	+0.25%	Key policy rate
2009-12-17	1.75%	+0.25%	Key policy rate
2009-10-29	1.50%	+0.25%	Key policy rate
2009-06-18	1.25%	−0.25%	Key policy rate
2009-05-07	1.50%	−0.50%	Key policy rate
2009-03-26	2.00%	−0.50%	Key policy rate
2009-02-05	2.50%	−0.50%	Key policy rate
2008-12-18	3.00%	−1.75%	Key policy rate
2008-10-30	4.75%	−0.50%	Key policy rate
2008-10-16	5.25%	−0.50%	Key policy rate
2008-06-26	5.75%	+0.25%	Key policy rate
2008-04-24	5.50%	+0.25%	Key policy rate
2007-12-13	5.25%	+0.25%	Key policy rate
2007-09-27	5.00%	+0.25%	Key policy rate
2007-08-16	4.75%	+0.25%	Key policy rate
2007-06-28	4.50%	+0.25%	Key policy rate
2007-05-31	4.25%	+0.25%	Key policy rate
2007-03-16	4.00%	+0.25%	Key policy rate
2007-01-25	3.75%	+0.25%	Key policy rate
2006-12-14	3.50%	+0.25%	Key policy rate
2006-11-02	3.25%	+0.25%	Key policy rate
2006-08-17	3.00%	+0.25%	Key policy rate
2006-06-01	2.75%	+0.25%	Key policy rate
2006-03-17	2.50%	+0.25%	Key policy rate
2005-11-03	2.25%	+0.25%	Key policy rate
2005-07-01	2.00%	+0.25%	Key policy rate
2004-03-12	1.75%	−0.25%	Key policy rate
2004-01-29	2.00%	−0.25%	Key policy rate
2003-12-18	2.25%	−0.25%	Key policy rate
2003-09-18	2.50%	−0.50%	Key policy rate
2003-08-13	3.00%	−1.00%	Key policy rate
2003-06-26	4.00%	−1.00%	Key policy rate
2003-05-02	5.00%	−0.50%	Key policy rate
2003-03-06	5.50%	−0.50%	Key policy rate
2003-01-23	6.00%	−0.50%	Key policy rate
2002-12-12	6.50%	−0.50%	Key policy rate
2002-07-04	7.00%	+0.50%	Key policy rate
2001-12-13	6.50%	−0.50%	Key policy rate
2000-09-21	7.00%	+0.25%	Key policy rate
2000-08-10	6.75%	+0.50%	Key policy rate
2000-06-15	6.25%	+0.50%	Key policy rate
2000-04-13	5.75%	+0.25%	Key policy rate
1999-09-23	5.50%	−0.50%	Key policy rate
1999-06-17	6.00%	−0.50%	Key policy rate
1999-04-26	6.50%	−0.50%	Key policy rate
1999-03-03	7.00%	−0.50%	Key policy rate
1999-01-28	7.50%	−0.50%	Key policy rate
1998-08-25	8.00%	+1.00%	Key policy rate
1998-08-21	7.00%	+1.50%	Key policy rate
1998-08-12	5.50%	+0.50%	Key policy rate
1998-07-06	5.00%	+0.50%	Key policy rate
1998-06-29	4.50%	+0.25%	Key policy rate
1998-05-25	4.25%	+0.50%	Key policy rate
1998-03-19	3.75%	+0.25%	Key policy rate
1997-07-16	3.50%	+0.25%	Key policy rate
1997-01-10	3.25%	−0.25%	Key policy rate
1997-01-09	3.50%	−0.50%	Key policy rate
1996-11-06	4.00%	−0.50%	Key policy rate
1996-03-08	4.50%	−0.25%	Key policy rate
1994-02-09	4.75%	−0.25%	Key policy rate
1993-12-30	5.00%	+0.25%	Key policy rate
1993-11-19	4.75%	−0.25%	Key policy rate
1993-10-26	5.00%	−0.50%	Key policy rate
1993-08-03	5.50%	−0.50%	Key policy rate
1993-06-28	6.00%	−0.25%	Key policy rate
1993-06-21	6.25%	−0.25%	Key policy rate
1993-06-14	6.50%	−0.25%	Key policy rate
1993-04-29	6.75%	−0.25%	Key policy rate

2026-09-254.50%

Key policy rate+0.25%

2026-05-084.25%

Key policy rate+0.25%

2025-09-194.00%

Key policy rate−0.25%

2025-06-204.25%

Key policy rate−0.25%

2023-12-154.50%

Key policy rate+0.25%

2023-09-224.25%

Key policy rate+0.25%

2023-08-184.00%

Key policy rate+0.25%

2023-06-233.75%

Key policy rate+0.50%

2023-05-053.25%

Key policy rate+0.25%

2023-03-243.00%

Key policy rate+0.25%

2022-12-162.75%

Key policy rate+0.25%

2022-11-042.50%

Key policy rate+0.25%

Market-rate spans

Eras where the level is a BIS-observed market rate rather than a decision, summarised at each era's daily extremes.

Instrument	From	To	Observations	Min	Max
BIS-derived (operative rate)	1987-01-02	1990-08-27	14	10.00%	14.80%

BIS-derived (operative rate)

1987-01-02 to 1990-08-27 · 14 obs

10.00% – 14.80%

A market era is a traded rate BIS uses as a proxy for the policy stance, not a rate the bank itself set by decision.

Where these numbers come from

Own discount-rate change table (Historical Monetary Statistics for Norway), monthly first-of-month, 1818-10-01 to 1986-12-01. BIS Norway daily bridges 1987-01-01 to 1990-12-31 (including the 1986 krone crisis, when the operative rate ran well above the frozen discount rate -- a real difference, not a parse error). Norges Bank's own key policy rate (from its open-data API), exact daily change dates, from 1991-01-01. BIS Norway daily is compared from 1995 (1991-1994 ran under a fixed exchange-rate corridor system where the key policy rate and BIS's overnight-lending series legitimately differ by a fixed spread) and agrees on 91 of 91 overlapping change dates checked (0.0% disagreement).