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Norway: monetary policy

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This dossier follows Norges Bank decisions and guidance, distinguishing adopted rates from conditional prospects.

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Norges Bank headquarters in Oslo.
Archive, 4 February 2007; does not show the 2026 meeting. Mahlum, public domain; unmodified. — Mahlum / Wikimedia Commons — domaine public (PD-self), 4 février 2007 ; sans modification.

Where things stand

On 5 November 2026, Norges Bank announced a hold at 4.5% and kept the possibility of a rise open.

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Confirmed

Norway holds its policy rate at 4.5%

Norges Bank announced on 5 November 2026 that its policy rate would remain at 4.5%, following its committee meeting the previous day. It retains the option of raising rates again if warranted by the inflation outlook.

Norges Bank headquarters in Oslo.
Archive, 4 February 2007; does not show the 2026 meeting. Mahlum, public domain; unmodified. — Mahlum / Wikimedia Commons — domaine public (PD-self), 4 février 2007 ; sans modification.

The bank considers inflation too high. It cites annual consumer price inflation of 3.4% in September and a measure excluding energy and tax changes of 3%, against a 2% target.

The committee judges restrictive policy still necessary while seeking to avoid tightening more than needed. No new forecasts were prepared for this meeting. The next decision, accompanied by a monetary policy report, is scheduled for 17 December; its outcome is not predetermined.

Sources 3