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The Norges Bank held its benchmark interest rate at 1.5 percent during its October meeting, as expected, following a 25bps hike in September, saying that the upturn in the Norwegian economy is continuing broadly in line with expectations in September. Policymakers added that underlying inflation has been as projected; global uncertainty persists, and interest rates abroad are very low while the weak krone may result in higher inflation ahead. “The Executive Board’s current assessment of the outlook and balance of risks suggests that the policy rate will most likely remain at the present level in the coming period,” says Governor Øystein Olsen.

The Norges Bank raised its benchmark interest rate by 25bps to 1.50 percent during its September meeting, the third increase this year, saying that underlying inflation is close to the inflation target while growth in the Norwegian economy remains solid and capacity utilisation is somewhat above a normal level. Still, policymakers noted that the policy rate forecast indicates a slightly smaller rate rise than in the June's projections as weaker growth prospects and lower interest rates abroad have contributed to the downward revision.

The Norges Bank held its benchmark interest rate at 1.25 percent during its August meeting, following a 25bps hike in June, saying that capacity utilisation in the Norwegian economy was somewhat above a normal level while underlying inflation was slightly above the 2 percent target. The bank also said that the policy rate would most likely be increased further in the course of 2019 despite deepening trade tensions and Brexit uncertainty.

The Norges Bank raised its key policy rate by 25bps to 1.25% on June 20th 2019, in line with market expectations. It is the third consecutive hike since September, as economic activity continues to strengthen and underlying inflation is a little higher than the 2% inflation target. Moreover, the Norwegian economy is seen expanding stronger in the coming year than projected earlier even though prospects for weaker growth and lower interest rates abroad. The bank also signalled that the policy rate might be increased somewhat further in the course of 2019 and slightly faster in the coming year than projected earlier while the policy rate path is little changed thereafter. Inflation is projected to remain close to the inflation target in the years ahead, at the same time as unemployment remains low.

The Norges Bank held its key policy rate at 1 percent during its May meeting, after a 25bps hike in March, saying that capacity utilisation in the Norwegian economy was slightly above a normal level and underlying inflation was a little higher than the 2 percent inflation target. Policymakers still expect a policy rate increase in the course of the next half-year despite uncertainty surrounding global developments.

The central bank of Norway raised its key policy rate by 25bps to 1 percent on March 21st 2019, in line with market expectations. It is the first rate hike so far this year. Policymakers said the Norwegian economy is expanding at a solid pace, capacity utilisation appears to be slightly above a normal level and underlying inflation is a little higher than the inflation target although there are prospects for weaker growth and lower interest rates abroad. The central bank expects a slightly faster rate rise in 2019 and a somewhat lower policy rate further out.