Changes in the policy rate
Policy rate decisions from 1986 to the present day.
Changes in the policy rate take effect from the first business day after the interest rate decision is announced.
- 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 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 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.
Policy rate decisions
| Announcement | Policy rate | Overnight lending rate | Reserve rate |
|---|---|---|---|
| 19.01.2023 | 2.75 | 3.75 | 1.75 |
| 15.12.2022 | 2.75 | 3.75 | 1.75 |
| 03.11.2022 | 2.50 | 3.50 | 1.50 |
| 22.09.2022 | 2.25 | 3.25 | 1.25 |
| 18.08.2022 | 1.75 | 2.75 | 0.75 |
| 23.06.2022 | 1.25 | 2.25 | 0.25 |
| 05.05.2022 | 0.75 | 1.75 | -0.25 |
| 24.03.2022 | 0.75 | 1.75 | -0.25 |
| 20.01.2022 | 0.50 | 1.50 | -0.50 |
| 16.12.2021 | 0.50 | 1.50 | -0.50 |
| 04.11.2021 | 0.25 | 1.25 | -0.75 |
| 23.09.2021 | 0.25 | 1.25 | -0.75 |
| 19.08.2021 | 0.00 | 1.00 | -1.00 |
| 17.06.2021 | 0.00 | 1.00 | -1.00 |
| 06.05.2021 | 0.00 | 1.00 | -1.00 |
| 18.03.2021 | 0.00 | 1.00 | -1.00 |
| 21.01.2021 | 0.00 | 1.00 | -1.00 |
| 17.12.2020 | 0.00 | 1.00 | -1.00 |
| 05.11.2020 | 0.00 | 1.00 | -1.00 |
| 24.09.2020 | 0.00 | 1.00 | -1.00 |
| 20.08.2020 | 0.00 | 1.00 | -1.00 |
| 18.06.2020 | 0.00 | 1.00 | -1.00 |
| 07.05.2020 | 0.00 | 1.00 | -1.00 |
| 20.03.2020 | 0.25 | 1.25 | -0.75 |
| 13.03.2020 | 1.00 | 2.00 | 0.00 |
| 23.01.2020 | 1.50 | 2.50 | 0.50 |
| 19.12.2019 | 1.50 | 2.50 | 0.50 |
| 24.10.2019 | 1.50 | 2.50 | 0.50 |
| 19.09.2019 | 1.50 | 2.50 | 0.50 |
| 15.08.2019 | 1.25 | 2.25 | 0.25 |
| 20.06.2019 | 1.25 | 2.25 | 0.25 |
| 09.05.2019 | 1.00 | 2.00 | 0.00 |
| 21.03.2019 | 1.00 | 2.00 | 0.00 |
| 24.01.2019 | 0.75 | 1.75 | -0.25 |
| 13.12.2018 | 0.75 | 1.75 | -0.25 |
| 25.10.2018 | 0.75 | 1.75 | -0.25 |
| 20.09.2018 | 0.75 | 1.75 | -0.25 |
| 16.08.2018 | 0.50 | 1.50 | -0.50 |
| 21.06.2018 | 0.50 | 1.50 | -0.50 |
| 03.05.2018 | 0.50 | 1.50 | -0.50 |
| 15.03.2018 | 0.50 | 1.50 | -0.50 |
| 25.01.2018 | 0.50 | 1.50 | -0.50 |
| 14.12.2017 | 0.50 | 1.50 | -0.50 |
| 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 from | Key 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 |
Policy rate decisions 1986 – May 1993:
The overnight lending rate for banks (the D-loan rate) was the policy rate from March 1986 until May 1993. The sight deposit rate has been used as the policy rate since June 1993.
| Effective from | Sight deposit rate | 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 |