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
Norwegian government securities

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 - 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

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.

Treasury bills

Daily data, monthly average and annual average

Government bonds

Daily datamonthly average and annual average

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

All interest rates - spreadsheets


Edited 22 April 2021 16:10

Find statistics

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

Find data series


  • Nowa: +47 22 31 71 70
  • Key interest rate: +47 22 31 71 70
  • Treasury bills: +47 22 31 71 40
  • Government bonds: +47 22 31 71 40
Edited 22 April 2021 16:10