The key rate is the most important monetary policy instrument. The Executive Board sets the key rate at pre-announced times, normally six times a year.
As from 2013 the interest rate decisions and advice on countercyclical capital buffers will be released at 10 am the day after the meeting of the Executive Board. A press conference is also held at the same time at which the central bank governor or deputy governor explains in more detail the reasons behind the Executive Board's decision. The press conference is webcast from Norges Bank's website.
Changes in the key policy rate take effect from the first business day after the interest rate decision is announced.
See also Change in Norges Bank's reports on monetary policy and financial stability.