Norges Bank

Changes in the policy rate

Monetary policy meetings with changes in the policy rate.

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.

1993-2000 | 1986-1993

Policy rate decisions since 2001:

The list comprises all policy rate decisions from 2001 to the present day.

Announcement policy rate Overnight lending rate Reserve rate
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
Edited 14 December 2011 10:15

Latest key rate decisions

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Calendar

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Edited 14 December 2011 10:15