Norges Bank

Press release

Norges Bank reduces interest rates

Norges Bank has decided to reduce the interest rate on banks' deposits with Norges Bank, the sight deposit rate, by 1.00 percentage point to 4.00 per cent, with effect from 26 June. The interest rate on banks' overnight loans will also be reduced by 1.00 percentage point.

Central Bank Governor Svein Gjedrem says that with an interest rate of 4.0 per cent, Norges Bank's assessment is that the probability that inflation two years ahead will be lower than 2½ per cent is greater than the probability that it will be higher.


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Published 25 June 2003 14:00