Norges Bank keeps Norway's policy rate at 4.5% and says it is ready to raise it if needed

4 November 2026

Norway's central bank has left its main interest rate where it was. Norges Bank announced that its Monetary Policy and Financial Stability Committee decided at the meeting on 4 November to hold the policy rate at 4.5%. The rate had been lifted to that level at the September meeting. The Governor of Norges Bank, Ida Wolden Bache, said inflation is too high and that the rate will probably have to stay elevated for a time, adding that the bank is prepared to raise it if that is needed to bring inflation down to target. Twelve-month consumer price inflation in Norway was 3.4% in September. A narrower measure that leaves out energy products and adjusts for tax changes, called CPI-ATE, was 3.0%. The committee judged that a restrictive monetary policy is still required, while saying it does not want to hold back the economy more than necessary.