Norges Bank

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.
  • Overnight lending rate (D-loan rate) = The interest rate banks are charged to cover negative balances overnight on their accounts with Norges Bank. The overnight lending 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
4.50 5.50 3.50
4.50 5.50 3.50
4.25 5.25 3.25
4.25 5.25 3.25
4.00 5.00 3.00
3.75 4.75 2.75
3.25 4.25 2.25
3.00 4.00 2.00
2.75 3.75 1.75
2.75 3.75 1.75
2.50 3.50 1.50
2.25 3.25 1.25
1.75 2.75 0.75
1.25 2.25 0.25
0.75 1.75 -0.25
0.75 1.75 -0.25
0.50 1.50 -0.50
0.50 1.50 -0.50
0.25 1.25 -0.75
0.25 1.25 -0.75
0.00 1.00 -1.00
0.00 1.00 -1.00
0.00 1.00 -1.00
0.00 1.00 -1.00
0.00 1.00 -1.00
0.00 1.00 -1.00
0.00 1.00 -1.00
0.00 1.00 -1.00
0.00 1.00 -1.00
0.00 1.00 -1.00
0.00 1.00 -1.00
0.25 1.25 -0.75
1.00 2.00 0.00
1.50 2.50 0.50
1.50 2.50 0.50
1.50 2.50 0.50
1.50 2.50 0.50
1.25 2.25 0.25
1.25 2.25 0.25
1.00 2.00 0.00
1.00 2.00 0.00
0.75 1.75 -0.25
0.75 1.75 -0.25
0.75 1.75 -0.25
0.75 1.75 -0.25
0.50 1.50 -0.5
0.50 1.50 -0.5
0.50 1.50 -0.5
0.50 1.50 -0.5
0.50 1.50 -0.5
0.50 1.50 -0.5
0.50 1.50 -0.5
0.50 1.50 -0.5
0.50 1.50 -0.5
0.50 1.50 -0.5
0.50 1.50 -0.5
0.50 1.50 -0.5
0.50 1.50 -0.5
0.50 1.50 -0.5
0.50 1.50 -0.5
0.50 1.50 -0.5
0.50 1.50 -0.5
0.75 1.75 -0.25
0.75 1.75 -0.25
0.75 1.75 -0.25
1.00 2.00 0.00
1.25 2.25 0.25
1.25 2.25 0.25
1.25 2.25 0.25
1.50 2.50 0.5
1.50 2.50 0.5
1.50 2.50 0.5
1.50 2.50 0.5
1.50 2.50 0.5
1.50 2.50 0.5
1.50 2.50 0.5
1.50 2.50 0.5
1.50 2.50 0.5
1.50 2.50 0.5
1.50 2.50 0.5
1.50 2.50 0.5
1.50 2.50 0.5
1.50 2.50 0.5
1.50 2.50 0.5
1.50 2.50 0.5
1.50 2.50 0.5
1.75 2.75 0.75
2.25 3.25 1.25
2.25 3.25
2.25 3.25
2.25 3.25
2.25 3.25
2.00 3.00
2.00 3.00
2.00 3.00
2.00 3.00
2.00 3.00
2.00 3.00
2.00 3.00
2.00 3.00
1.75 2.75
1.75 2.75
1.75 2.75
1.50 2.50
1.25 2.25
1.25 2.25
1.25 2.25
1.50 2.50
2.00 3.00
2.50 3.50
3.00 4.00
4.75 5.75
5.25 6.25
5.75 6.75
5.75 6.75
5.75 6.75
5.50 6.50
5.50 6.50
5.25 6.25
5.25 6.25
5.25 6.25
5.00 6.00
5.00 6.00
4.75 5.75
4.50 5.50
4.25 5.25
4.00 5.00
4.00 5.00
3.75 5.75
3.50 5.50
3.25 5.25
3.00 5.00
3.00 5.00
2.75 4.75
2.75 4.75
2.50 4.50
2.50 4.50
2.25 4.25
2.25 4.25
2.25 4.25
2.00 4.00
2.00 4.00
2.00 4.00
1.75 3.75
1.75 3.75
1.75 3.75
1.75 3.75
1.75 3.75
1.75 3.75
1.75 3.75
1.75 3.75
1.75 3.75
1.75 3.75
1.75 3.75
1.75 3.75
2.00 4.00
2.25 4.25
2.50 4.50
2.50 4.50
3.00 5.00
4.00 6.00
5.00 7.00
5.50 7.50
6.00 8.00
6.50 8.50
7.00 9.00
7.00 9.00
7.00 9.00
7.00 9.00
6.50 8.50
6.50 8.50
6.50 8.50
6.50 8.50
6.50 8.50
7.00 9.00
7.00 9.00
7.00 9.00
7.00 9.00
7.00 9.00
7.00 9.00
7.00 9.00
7.00 9.00
7.00 9.00
6.75 8.75
6.25 8.25
5.75 7.75
5.50 7.50
6.00 8.00
6.50 8.50
7.00 9.00
7.50 9.50
8.00 10.00
7.00 9.00
5.50 7.50
5.00 7.00
4.50 6.50
4.25 6.25
3.75 5.75
3.50 5.50
3.25 5.25
3.50 5.50
4.00 6.00
4.50 6.50
4.75 6.75
5.00 7.00
4.75 6.75
5.00 7.00
5.50 7.50
6.00 7.50
6.25 7.50
6.50 7.50
7.50 7.50
7.75 7.75
8.00 8.00
8.25 8.25
8.50 8.50
8.75 8.75
9.00 9.00
9.25 9.25
9.50 9.50
9.75 9.75
10.00 10.00
10.50 10.50
11.00 11.00
16.00 16.00
17.00 17.00
25.00 25.00
17.00 17.00
10.00 10.00
10.50 10.50
11.00 11.00
11.00 11.00
10.00 10.00
10.00 10.00
10.00 10.00
9.50 9.50
9.75 9.75
10.00 10.00
10.20 10.20
10.50 10.50
10.50 10.50
11.00 11.00
10.00 10.00
10.50 10.50
11.00 11.00
11.50 11.50
12.00 12.00
12.40 12.40
12.80 12.80
13.30 13.30
13.80 13.80
14.20 14.20
14.50 14.50
14.80 14.80
15.50 15.50
16.00 16.00
14.00 14.00
50.00 50.00
30.00 30.00
14.00 14.00
13.00 13.00
Edited 16 December 2021 10:15

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Edited 16 December 2021 10:15