23 September 2026
Norges Bank's Monetary Policy and Financial Stability Committee decided on 23 September 2026 to raise the policy rate from 4.25 per cent to 4.5 per cent.
Governor Ida Wolden Bache said inflation has been above target for several years and that by raising the policy rate the bank is helping to reduce inflation.
The Committee said it will likely be necessary to keep the policy rate elevated for a time, and that it is prepared to raise the policy rate further if needed to bring inflation down to the 2 per cent target within a reasonable time horizon.
Norges Bank is Norway's central bank and its Committee decides on the policy rate eight times a year.
The next policy rate decision is due to be announced on 5 November 2026.
New policy rate:
4.5 percent
Previous policy rate:
4.25 percent
Inflation target:
2 percent
Decision date:
23 September 2026
Next decision:
5 November 2026
Why it matters for exams: Central bank rate decisions of major economies are standard current-affairs material for banking and UPSC economy questions.
Kerala PSCUPSCBank
29 September 2026
Norway's National Budget for 2027 will be presented to the Storting as Report no. 1 (2026-2027) on 7 October 2026 at 10:00 AM, the Government has announced.
The Storting is Norway's parliament and must consider and approve the budget.
The Ministry of Finance co-ordinates the preparation of the budget, which the Government presents to the Storting every autumn together with the fiscal budget.
A Revised National Budget is presented each spring.
Presentation date:
7 October 2026
Document:
Report no. 1 (2026-2027)
Presented to:
The Storting
Why it matters for exams: Budget calendars of major economies appear in economy and comparative-governance questions.
Kerala PSCUPSC
1 September 2026
King Haakon VIII of Norway took the oath of allegiance before the Storting on Tuesday 1 September 2026.
Article 9 of the Norwegian Constitution requires a new King to take this oath when he accedes to the throne.
The King said: I promise and swear that I will govern the Kingdom of Norway in accordance with its Constitution and Laws; so help me God, the Almighty and Omniscient.
President of the Storting Masud Gharahkhani presided over the ceremony in the Storting Chamber.
Crown Princess Ingrid Alexandra accompanied the King, and Queen Sonja and Prince Sverre Magnus also attended.
Date of oath:
1 September 2026
Constitutional provision:
Article 9
Presided by:
President of the Storting Masud Gharahkhani
Why it matters for exams: A change of head of state in a constitutional monarchy is high-value current affairs and illustrates how a monarch is bound by a constitution.
Kerala PSCUPSCSSC
29 September 2026
The 2026 Nobel Peace Prize will be announced on Friday 9 October at 11:00 am at the Norwegian Nobel Institute, Henrik Ibsens gate 51, Oslo.
The announcement will be made by Jorgen Watne Frydnes, chair of the Norwegian Nobel Committee.
The 2026 Nobel Prize announcements run from 5 to 12 October 2026.
The Peace Prize is the only Nobel Prize awarded and announced in Norway; the prizes in physiology or medicine, physics, chemistry, literature and economic sciences are announced in Sweden.
Announcement:
Friday 9 October, 11:00 am
Venue:
The Norwegian Nobel Institute, Henrik Ibsens gate 51, Oslo
Announced by:
Jorgen Watne Frydnes, chair of the Norwegian Nobel Committee
Why it matters for exams: The Nobel Peace Prize and the Norwegian Nobel Committee are recurring awards questions in every major exam.
Kerala PSCUPSCSSC
Background
The Storting is the parliament of Norway.
There are 169 elected Members of the Storting.
Parliamentary elections in Norway take place every four years.
The Storting is led by a Presidium and the presiding officer is the President of the Storting.
The Storting passes laws, adopts the national budget and supervises the Government.
Elected members:
169
Election interval:
Every four years
Presiding body:
The Presidium
Why it matters for exams: The size and term of foreign legislatures is a standard comparative-polity question.
Kerala PSCUPSCSSC
Background
Norway became a member of the North Atlantic Treaty Organization in 1949, the year the alliance was created.
NATO's founding member countries were Belgium, Canada, Denmark, France, Iceland, Italy, Luxembourg, the Netherlands, Norway, Portugal, the United Kingdom and the United States.
Among the Nordic countries, Denmark, Iceland and Norway were founding members, while Finland and Sweden joined much later.
Norway therefore takes part in NATO's collective defence commitment from the alliance's beginning.
Year Norway joined:
1949
Founding members:
12
Why it matters for exams: NATO's founding members and later accessions are a recurring defence and international organisation question.
Kerala PSCUPSCSSC
Background
Norway is India's 33rd largest investor, and bilateral trade between the two countries has reached USD 1.1 billion.
Cooperation sectors identified between the two countries include the blue economy, green hydrogen, renewable energy, fisheries and water management.
The two sides have held an India-Norway Business Forum to widen business collaboration.
Ms May-Elin Stener is the Norwegian Ambassador to India.
Commerce and Industry Minister Shri Piyush Goyal has proposed launching a startup bridge between the two countries.
Bilateral trade:
USD 1.1 billion
Norway's rank as investor in India:
33rd largest investor
Norwegian Ambassador to India:
Ms May-Elin Stener
Why it matters for exams: India's bilateral economic ties with individual partner countries are asked with ranks, figures and cooperation sectors.
Kerala PSCUPSCBank