Norges Bank's overnight lending rate
Norges Bank’s Executive Board has decided to set the overnight lending rate 1 percentage point higher than the sight deposit rate. The overnight lending rate has no monetary policy function, and the decision implies no change in Norges Bank’s monetary policy.
It is the interest rate on banks’ deposits in Norges Bank (the sight deposit rate) that is Norges Bank’s key policy rate. The difference between Norges Bank’s sight deposit rate and overnight lending rate is thereby reduced from 2 percentage points to 1 percentage point. Changes in the overnight lending rate will hereafter automatically accompany changes in Norges Bank’s key policy rate (the sight deposit rate). The decision is effective from 16 March 2007.
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