Changes in the key policy rate

Monetary policy meetings with changes in the key policy rate.

Changes in the key policy rate take effect from the first business day after the interest rate decision is announced.

  • Key policy rate = The interest rate banks receive on deposits up to their individual quotas in Norges Bank, also referred to as the sight deposit rate. The sight deposit rate has been the key policy rate since June 1993.
  • D-loan rate = Norges Bank's overnight lending rate. The interest rate banks are charged to cover negative balances overnight on their accounts with Norges Bank. The D-loan rate was the key policy rate from March 1986 until May 1993.
  • Reserve rate = The interest rate banks receive on deposits in excess of their individual quotas in Norges Bank.

1993-2000 | 1986-1993

Key rate decisions since 2001:

The list comprises all key rate decisions from 2001 to the present day.

AnnouncementKey policy rateOvernight lending rateReserve rate
26.10.2017 0.50 1.50 -0.50
21.09.2017 0.50 1.50 -0.50
22.06.2017 0.50 1.50 -0.50
04.05.2017 0.50 1.50 -0.50
16.03.2017 0.50 1.50 -0,50
15.12.2016 0.50 1.50 -0.50
27.10.2016 0.50 1.50 -0.50
22.09.2016 0.50 1.50 -0.50
23.06.2016 0.50 1.50 -0.50
12.05.2016 0.50 1.50 -0.50
17.03.2016 0.50 1.50 -0.50
17.12.2015 0.75 1.75 -0.25
05.11.2015 0.75 1.75 -0.25
24.09.2015 0.75 1.75 -0.25
18.06.2015 1.00 2.00 0.00
07.05.2015 1.25 2.25 0.25
19.03.2015 1.25 2.25 0.25
11.12.2014 1.25 2.25 0.25
23.10.2014 1.50 2.50 0.50
18.09.2014 1.50 2.50 0.50
19.06.2014 1.50 2.50 0.50
08.05.2014 1.50 2.50 0.50
27.03.2014 1.50 2.50 0.50
05.12.2013 1.50 2.50 0.50
24.10.2013 1.50 2.50 0.50
19.09.2013 1.50 2.50 0.50
20.06.2013 1.50 2.50 0.50
08.05.2013 1.50 2.50 0.50
14.03.2013 1.50 2.50 0.50
19.12.2012 1.50 2.50 0.50
31.10.2012 1.50 2.50 0.50
29.08.2012 1.50 2.50 0.50
20.06.2012 1.50 2.50 0.50
10.05.2012 1.50 2.50 0.50
14.03.2012 1.50 2.50 0.50
14.12.2011 1.75 2.75 0.75
19.10.2011 2.25 3.25 1.25
21.09.2011 2.25 3.25  
10.08.2011 2.25 3.25  
22.06.2011 2.25 3.25  
12.05.2011 2.25 3.25  
16.03.2011 2.00 3.00  
26.01.2011 2.00 3.00  
15.12.2010 2.00 3.00  
27.10.2010 2.00 3.00  
22.09.2010 2.00 3.00  
11.08.2010 2.00 3.00  
23.06.2010 2.00 3.00  
05.05.2010 2.00 3.00  
24.03.2010 1.75 2.75  
03.02.2010 1.75 2.75  
16.12.2009 1.75 2.75  
28.10.2009 1.50 2.50  
23.09.2009 1.25 2.25  
12.08.2009 1.25 2.25  
17.06.2009 1.25 2.25  
06.05.2009 1.50 2.50  
25.03.2009 2.00 3.00  
04.02.2009 2.50 3.50  
17.12.2008 3.00 4.00  
29.10.2008 4.75 5.75  
15.10.2008 5.25 6.25  
24.09.2008 5.75 6.75  
13.08.2008 5.75 6.75  
25.06.2008 5.75 6.75  
28.05.2008 5.50 6.50  
23.04.2008 5.50 6.50  
13.03.2008 5.25 6.25  
23.01.2008 5.25 6.25  
12.12.2007 5.25 6.25  
31.10.2007 5.00 6.00  
26.09.2007 5.00 6.00  
15.08.2007 4.75 5.75  
27.06.2007 4.50 5.50  
30.05.2007 4.25 5.25  
25.04.2007 4.00 5.00  
15.03.2007 4.00 5.00  
24.01.2007 3.75 5.75  
13.12.2006 3.50 5.50  
01.11.2006 3.25 5.25  
27.09.2006 3.00 5.00  
16.08.2006 3.00 5.00  
29.06.2006 2.75 4.75  
31.05.2006 2.75 4.75  
26.04.2006 2.50 4.50  
16.03.2006 2.50 4.50  
25.01.2006 2.25 4.25  
14.12.2005 2.25 4.25  
02.11.2005 2.25 4.25  
21.09.2005 2.00 4.00  
11.08.2005 2.00 4.00  
30.06.2005 2.00 4.00  
25.05.2005 1.75 3.75  
20.04.2005 1.75 3.75  
16.03.2005 1.75 3.75  
02.02.2005 1.75 3.75  
15.12.2004 1.75 3.75  
03.11.2004 1.75 3.75  
22.09.2004 1.75 3.75  
11.08.2004 1.75 3.75  
01.07.2004 1.75 3.75  
26.05.2004 1.75 3.75  
21.04.2004 1.75 3.75  
11.03.2004 1.75 3.75  
28.01.2004 2.00 4.00  
17.12.2003 2.25 4.25  
29.10.2003 2.50 4.50  
17.09.2003 2.50 4.50  
13.08.2003 3.00 5.00  
25.06.2003 4.00 6.00  
30.04.2003 5.00 7.00  
05.03.2003 5.50 7.50  
22.01.2003 6.00 8.00  
11.12.2002 6.50 8.50  
30.10.2002 7.00 9.00  
18.09.2002 7.00 9.00  
07.08.2002 7.00 9.00  
03.07.2002 7.00 9.00  
22.05.2002 6.50 8.50  
10.04.2002 6.50 8.50  
27.02.2002 6.50 8.50  
23.01.2002 6.50 8.50  
12.12.2001 6.50 8.50  
31.10.2001 7.00 9.00  
19.09.2001 7.00 9.00  
08.08.2001 7.00 9.00  
20.06.2001 7.00 9.00  
16.05.2001 7.00 9.00  
04.04.2001 7.00 9.00  
21.02.2001 7.00 9.00  
10.01.2001 7.00 9.00  

Key rate decisions June 1993 – 2000:

Effective fromKey policy rate (Sight deposit rate)D-loans
21.09.2000 7.00 9.00
10.08.2000 6.75 8.75
15.06.2000 6.25 8.25
13.04.2000 5.75 7.75
23.09.1999 5.50 7.50
17.06.1999 6.00 8.00
26.04.1999 6.50 8.50
03.03.1999 7.00 9.00
28.01.1999 7.50 9.50
25.08.1998 8.00 10.00
21.08.1998 7.00 9.00
12.08.1998 5.50 7.50
06.07.1998 5.00 7.00
29.06.1998 4.50 6.50
25.05.1998 4.25 6.25
19.03.1998 3.75 5.75
16.07.1997 3.50 5.50
10.01.1997 3.25 5.25
09.01.1997 3.50 5.50
06.11.1996 4.00 6.00
08.03.1996 4.50 6.50
09.02.1994 4.75 6.75
30.12.1993 5.00 7.00
19.11.1993 4.75 6.75
26.10.1993 5.00 7.00
03.08.1993 5.50 7.50
28.06.1993 6.00 7.50
21.06.1993 6.25 7.50
14.06.1993 6.50 7.50

Key rate decisions 1986 – May 1993:

The overnight lending rate for banks (the D-loan rate) was the key policy rate from March 1986 until May 1993. The sight deposit rate has been used as the key policy rate since June 1993.

Effective fromSight deposit rateKey policy rate (D-loans)
25.05.1993 6.75 7.50
29.04.1993 6.75 7.75
26.04.1993 7.00 8.00
20.04.1993 7.25 8.25
01.04.1993 7.50 8.50
12.03.1993 7.75 8.75
08.03.1993 8.00 9.00
22.02.1993 8.25 9.25
08.02.1993 8.50 9.50
03.02.1993 8.75 9.75
15.01.1993 9.00 10.00
07.01.1993 9.00 10.50
10.12.1992 9.00 11.00
07.12.1992 9.00 16.00
30.11.1992 9.00 17.00
23.11.1992 9.00 25.00
20.11.1992 9.00 17.00
09.11.1992 9.00 10.00
02.11.1992 9.50 10.50
28.10.1992 10.00 11.00
07.09.1992 11.00 11.00
01.04.1992 9.00 10.00
08.01.1992 10.00 10.00
19.09.1991 8.50 10.00
28.05.1991 8.00 9.50
29.04.1991 8.25 9.75
11.04.1991 8.50 10.00
18.03.1991 8.50 10.20
01.01.1991 8.50  
27.08.1990   10.50
16.11.1989   11.00
22.06.1989   10.00
09.05.1989   10.50
14.02.1989   11.00
10.01.1989   11.50
05.12.1988   12.00
24.10.1988   12.40
10.06.1988   12.80
09.05.1988   13.30
16.02.1987   13.80
03.02.1987   14.20
28.01.1987   14.50
17.12.1986   14.80
16.12.1986   15.50
02.12.1986   16.00
12.05.1986   14.00
07.05.1986   50.00
05.05.1986   30.00
02.05.1986   14.00
13.01.1986   13.00

Latest key rate decisions