Norges Bank

Interest rates

Norges Bank publishes figures on the policy rate, Nowa,  Treasury bills and government bonds.

Figures are updated at 9 am on the first business day after the quotation day. 

Policy rate

The policy rate (sight deposit rate) is Norges Bank's most important monetary policy instrument.

Policy rate - daily data

See also monthly average and annual average data series.


Norwegian Overnight Weighted Average rate (Nowa) is the interest rate on unsecured overnight interbank loans between banks that are active in the Norwegian overnight market.

Nowa - daily data

See also monthly and annual data series.

Compounded Nowa averages
The Nowa1m (Nowa average 1m), Nowa3m (Nowa average 3m) and Nowa6m (Nowa average 6m) are compounded averages of the Nowa (Norwegian Overnight Weighted Average) rate for reference periods of 1, 3 and 6 months respectively.

The Nowa compounded index (Nowai)
The Nowai (Nowa index) is an index representing the cumulative return on an investment earning daily compound interest at the Nowa (Norwegian Overnight Weighted Average) rate. 

Norwegian government securities

Prices and yields - Government debt

After 4:15 pm daily, Norges Bank publishes the best closing price and yield for each government bond and Treasury bill.

Zero coupon yields

Data published daily after 9.00 a.m. The published zero coupon yields are estimated values based on observed effective yields on Norwegian Treasury bills (zero coupon securities) and government bonds (coupon securities).

Zero coupon yields - data

Treasury bills are government securities, with an original maturity of less than one year. A bond is an interest-bearing security with an original maturity of more than 1 year.

Synthetic yield series

The last update of the synthetic yield series for both Treasury bills and government bonds was on 30 June 2021. From 1 July, only the historical series are available.


Edited 2 July 2021 10:10

Find statistics

Interest rates data series are available in Norges Banks API for open data

Find data series


  • Nowa: +47 22 31 71 70
  • Policy rate: +47 22 31 71 70
  • Treasury bills: +47 22 31 71 40
  • Government bonds: +47 22 31 71 40
Edited 2 July 2021 10:10